Final Results

JP Morgan Flem Chinese Inv Tst PLC
12 November 2003

                          STOCK EXCHANGE ANNOUNCEMENT



                 JPMORGAN FLEMING CHINESE INVESTMENT TRUST PLC









The Year in Retrospect

The Board is pleased to report that after two years of difficult market
conditions, the results for the past year have seen a marked improvement. In the
year to 30th September 2003, the Company delivered a total return on net assets
of +32.9%, which compares favourably with a total return of +32.0% on the
Company's benchmark, the MSCI Golden Dragon Index in sterling terms.

The total return to shareholders over the same period was +80.7%, which not only
reflected the improved stockmarket conditions but also the significant move of
the Company's shares from a discount of 21.1% to a premium of 7.0% as investor
demand for the Company's shares increased significantly.

In response to this demand, and in the interests of all shareholders, the Board
received approval at an Extraordinary General Meeting held on 3rd September
2003, to issue up to approximately 10% of new shares in the Company. At the time
of writing the Company has issued 2,866,000 of these shares, representing just
under half of this authority. Demand for the shares remains strong and the
Company's shares continue to trade at a premium to net asset value.

The Directors consider it to be to the benefit of the Company for it to continue
to issue shares, and therefore resolutions renewing this authority will be
proposed at the forthcoming Annual General Meeting. Details relating to this can
be found in the Directors' Report of the Report and Accounts and full text of
the resolutions are contained in the Notice of Meeting in the Report and
Accounts.



Continuation Vote

When the Company was launched in 1993 the Directors felt that it was important
to give shareholders the opportunity to consider the future of the Company at
regular intervals. Accordingly, the Articles of Association provide that at the
tenth Annual General Meeting, which falls this year, and every fifth year
thereafter, an ordinary resolution will be proposed to the effect that the
Company continues in being as an investment trust.

The Directors have evaluated the performance and progress of the Company and
sought the advice of the Company's broker, UBS, in relation to the continuation
vote. The Board has concluded, in conjunction with UBS, that the continuing
appointment of the present Manager is in the best interests of shareholders and
that the Company should continue as an investment trust. Consequently the Board
wholeheartedly recommends that shareholders vote in favour of the continuation
resolution that will be put to shareholders at the Annual General Meeting.



















Management and Performance Fee

Further to the Directors deciding to recommend that the Company should continue
as an investment trust, we have negotiated revised fee arrangements with the
Manager. In the Board's opinion, these will align more closely the interests of
shareholders and the Manager in seeking to deliver and reward superior
investment performance. Accordingly, the Board recommends to shareholders that
the existing 1.2% per annum management fee, which excludes marketing expenses,
be replaced with a 1% per annum management fee, which will include marketing
expenses, based on total assets less current liabilities together with a
performance-related fee linked to outperformance of the Company's benchmark
subject to an overall cap. Under the new arrangements the Manager can earn a
performance fee equal to 15% of the outperformance over the benchmark. Full
details of the proposed revised fee arrangement can be found in the Directors'
Report in the Report and Accounts and the Notice of Meeting in the Report and
Accounts.

In this context, shareholders should note that the Manager is required to
outperform the Company's benchmark by more than 2% per annum, net of fees and
other expenses, in order to earn a total fee equivalent to its current
management fee.



Revenue and Dividends

The Statement of Total Return is set out in the Report and Accounts and
attached. During the year the Company recorded a surplus on its Revenue Account
and the Board has accordingly declared a special dividend of 0.60 pence per
share in respect of the financial year (2002: 0.25 pence per share). The
dividend will be paid on 23rd December 2003 to shareholders on the register at
close of business on 21st November 2003.



Board of Directors

This year's continuation vote provides a suitable juncture to revamp the Board.

In this context, I propose to stand down as Chairman following the forthcoming
Annual General Meeting, although I shall remain a Director until a suitable
replacement has been identified. Nigel Melville will succeed me as Chairman.
Abraham Lue has also signalled his intention to retire from the Board when a
suitable replacement is found.

David Paterson is retiring at the conclusion of the Annual General Meeting and I
should like to pay tribute to the significant contribution he has made over many
years.

Finally, Sir Andrew Burns will be appointed to the Board following the Annual
General Meeting. He brings considerable experience of Asian affairs.
Shareholders will have an opportunity to meet him after the Annual General
Meeting.

The Directors' fees have not increased since the1st October 1999, and therefore
the fees are low when compared to other similar trusts and there has been a
significant rise in the responsibility of the Directors due to recent changes in
corporate governance practices. Therefore, it the Board's intention to increase
the Directors' fees from their present level to £15,000 for the Chairman and
£11,000 for the other Directors provided that shareholders vote in favour of the
continuation of the Company. Any such increase would be effective from 1st
October 2003.



Outlook

The Board remains positive generally about the outlook for the Chinese economy
and thus the prospects for investors, due to the superior earnings growth
prospects and reasonable valuations of many Chinese shares. Accordingly the
portfolio remains overweight in Chinese stocks.

The Board shares the investment manager's optimism about the growth prospects
for China and supports the more cautious approach to Hong Kong and Taiwan.



Authority to Repurchase the Company's Shares

At last year's Annual General Meeting shareholders gave the Directors authority
to repurchase up to 14.99% of the Company's shares for cancellation. Although no
shares were repurchased during the year, the Board will seek approval from
shareholders to renew this authority at the forthcoming Annual General Meeting.



Warrants

At the time of the Company's launch, shareholders received one warrant for every
five shares purchased. Each warrant confers the right to subscribe for one
ordinary share at £1 at a specific time each year. I would like to remind
shareholders that these warrants will expire on 1st February 2004. As we have
done every year since the Company's launch, the Directors will send a circular
to warrantholders in December 2003 giving details and informing them of their
opportunity to exercise these warrants, should they so wish.



Corporate Governance

This past year has seen a number of publications and announcements on changes in
corporate governance. The Board has discussed the implications of these now that
the relevant parties have stated their positions and considers that it has
complied with the principles of the Association of Investment Trust Companies'
Code of Corporate Governance. In this regard the Board has adopted a policy on
the length of Directors' service whereby after nine years Directors will submit
themselves for re-election on an annual basis.

In compliance with the changes to the Listing Rules, your Company has already
announced that it has no intention of investing more than 15% of its gross
assets in other UK listed investment companies (including investment trusts).
Accordingly, the Company's shares continue to remain an eligible investment for
as many buyers of investment trust shares as possible.



Investment Manager

In May this year the Directors announced, along with the Company's interim
results, the change of named investment manager from Steve Luk to Man Wing
Chung. Mr Chung is head of JF Asset Management's Greater China team which is
based in Hong Kong. Shareholders will have the opportunity to meet him at the
Annual General Meeting.



Annual General Meeting

This year's Annual General Meeting will be held on Tuesday 16th December 2003 at
10.30 am at 10 Aldermanbury, London EC2V 7RF.



Sir David Kinloch

Chairman



11th November 2003





For further information, please contact:



Hilary Lowe

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

020 7742 3274







JPMorgan Fleming Chinese Investment Trust plc

Unaudited figures for the year ended 30th September 2003



Statement of Total Return (Unaudited)


                                                  Year ended 30 September 2003       Year ended 30 September 2002

                                                    Revenue     Capital      Total   Revenue     Capital       Total

                                                      £'000       £'000      £'000     £'000       £'000       £'000


Realised gains on investments                             -       1,011      1,011         -         123         123
Net change in unrealised depreciation                     -       7,016      7,016         -     (3,410)     (3,410)
Currency gains/(losses) on cash and short-term
deposits held during the year                             -
                                                                     31         31         -        (11)        (11)
Other capital charges                                     -        (24)       (24)         -        (14)        (14)
Income from investments                               1,011           -      1,011       874           -         874
Other income                                             38           -         38        31           -          31
                                                    _______    ________    _______   _______    ________     _______

Gross return                                          1,049       8,034      9,083       905     (3,312)     (2,407)

Management fee                                        (326)           -      (326)     (417)           -       (417)

Other administrative expenses                         (282)           -      (282)     (236)           -       (236)

Interest payable                                        (2)           -        (2)      (21)           -        (21)

                                                    _______     _______    _______   _______     _______     _______

Return before taxation                                  439       8,034      8,473       231     (3,312)     (3,081)

Taxation                                               (40)           -       (40)      (60)           -        (60)

                                                    _______     _______    _______   _______     _______     _______

Return attributable to ordinary shareholders            399       8,034      8,433       171     (3,312)     (3,141)

Dividend payable                                      (354)           -      (354)     (145)           -       (145)

                                                    _______     _______    _______   _______     _______     _______

Transfer to/(from) reserves                              45       8,034      8,079        26     (3,312)     (3,286)



Return/(loss) per ordinary share                      0.69p      13.81p     14.50p     0.30p     (5.70)p     (5.40)p



Dividend per ordinary share                           0.60p           -      0.60p     0.25p           -       0.25p


JPMorgan Fleming Chinese Investment Trust plc

Unaudited figures for the year ended 30th September 2003


BALANCE SHEET                                                                     30 Sept          30 Sept
                                                                                     2003             2002
                                                                                    £'000            £'000

Investments at valuation                                                           32,112           22,037


Net current assets                                                                  1,790            3,283
                                                                                  _______          _______
Total net assets                                                                   33,902           25,320
                                                                                    =====            =====
Fully diluted net asset value per share                                             57.5p            43.5p
Undiluted net asset value per share                                                 57.5p            43.5p


CASH FLOW STATEMENT
                                                                                     2003             2002
                                                                                    £'000            £'000

Net cash inflow from operating activities                                             251               58

Net cash outflow from returns on investments and servicing of
finance                                                                               (2)             (21)

Total tax recovered                                                                     -                9

Net cash inflow/(outflow) from capital expenditure and financial                    1,483            (324)
investment

Equity dividend paid                                                                (145)                -

Net cash inflow from financing                                                        382              123
                                                                                  _______          _______
Increase/(decrease) in cash in the year                                             1,969            (155)
                                                                                    =====             ====


















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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