Interim Results

JPMorgan Chinese Inv Tst PLC
02 June 2006


                           STOCK EXCHANGE ANNOUNCMENT

                       JPMORGAN CHINESE INVESTMENT TRUST

       UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31st MARCH 2006



Performance

I am pleased to report that the Company's total return to shareholders for the
six months to 31st March 2006 was +18.6%. This return comprises the 17.1% rise
in the Company's share price from 73.0p to 85.5p, and a net dividend of 0.9p per
share that was paid to shareholders on 23rd December 2005.

Over the same period, the Company's total return on net assets, which comprises
the percentage change in net asset value with this net dividend reinvested, was
+18.2%. This compares favourably with a total return for the Company's
benchmark, the MSCI Golden Dragon Index (in sterling terms), of +13.6%.


Investment Management Arrangements

On 22nd February 2006, the Board announced that Howard Wang would continue as
the Company's named Investment Manager following Ernest Liu's resignation from
the Company's Investment Manager, JPMorgan Asset Management. Howard, based in
Hong Kong, is Head of JPMorgan Asset Management's Greater China team, which is
responsible for the day-to-day management of the Company's portfolio.

Howard has recently been joined by Emerson Yip, a highly experienced investor in
the Greater China region.  I would like to welcome Emerson and hope to be able
to introduce him to shareholders at this year's Annual General Meeting.


Share Issues and Share Buybacks

At the Annual General Meeting in December 2005, shareholders gave the Board the
authority to issue up to 10% of the Company's shares as ordinary shares.  Since
then, approximately 4.6 million shares have been issued at an average premium to
net asset value of 4.3%. In addition, the authority to repurchase up to 14.99%
of the Company's issued share capital was renewed at the Annual General Meeting.
As previously stated, repurchases will only be made in the market at prices
below the prevailing net asset value per share.  At the time of writing, no
shares have been repurchased under this authority, but the Board is prepared to
repurchase shares for cancellation if the discount increases significantly and
any repurchases would result in an increase to the net asset value per share.
Since the end of the period, the Company's shares have in the main continued to
trade at a premium to their net asset value.


Outlook

Despite recent turbulence in the market, the Board remains confident that the
Greater China region will continue to offer good growth prospects in the
longer-term.  The Managers believe that ongoing Chinese domestic consumption,
combined with careful selection of stocks, should contribute to further good
performance of the Company.


Nigel Melville, Chairman
2nd June 2006



For further information please contact:
Lucy Sullivan, JPMorgan Asset Management (UK) Limited ............ 020 7742 6000




JPMorgan Chinese Investment Trust plc
Unaudited figures for the six months ended 31st March 2006
Income Statement

                              Six months to 31st March 2006  Six months to 31st March 2005   Year to 30th September 2005
                                                                                                      (restated)
                               Revenue    Capital     Total   Revenue   Capital      Total   Revenue   Capital     Total
                                 £'000      £'000     £'000     £'000     £'000      £'000     £'000     £'000     £'000

Realised gains on investments        -      4,122     4,122         -       646        646         -     2,919     2,919
Unrealised gains on investments      -      4,713     4,713         -     1,253      1,253         -     6,126     6,126
Currency gains/(losses) on cash 
and Short-term deposits held 
during the period                    -         17        17         -        10         10         -       (6)       (6)
Other capital charges                -       (12)      (12)         -      (24)       (24)         -      (42)      (42)
Overseas dividends                 239          -       239        94         -         94     1,410         -     1,410
Scrip dividends                     34          -        34        10         -         10       105         -       105
Deposit interest                    14          -        14        34         -         34        49         -        49
Stocklending fees                    -          -         -         6         -          6         6         -         6
                               _______   ________   _______    ______   _______   ________   _______   _______   _______

Gross return                       287      8,840     9,127       144     1,885      2,029     1,570     8,997    10,567
Management fee                   (264)          -     (264)     (200)         -      (200)     (423)         -     (423)
Other administrative expenses    (142)          -     (142)     (143)         -      (143)     (284)         -     (284)
Performance fee                      -      (406)     (406)         -     (175)      (175)         -     (211)     (211)
                               _______   ________   _______    ______   _______   ________   _______   _______   _______

(Loss)/return before finance
costs and taxation               (119)      8,434     8,315     (199)     1,710      1,511       863     8,786     9,649
Finance costs                      (1)          -       (1)         -         -          -         -         -         -
                               _______    _______   _______    ______   _______    _______   _______   _______   _______

(Loss)/return before taxation    (120)      8,434     8,314     (199)     1,710      1,511       863     8,786     9,649
Taxation                         (134)        132       (2)       (7)         -        (7)     (222)        69     (153)
                                ______    _______   _______    ______   _______     ______   _______   _______   _______

(Loss)/return attributable       (254)      8,566     8,312     (206)     1,710      1,504       641     8,855     9,496
to shareholders

(Loss)/return per ordinary     (0.36)p     12.20p    11.84p   (0.31)p     2.58p      2.27p     0.96p    13.23p    14.19p
share

Dividend per ordinary share        Nil                            Nil                          0.90p



The results for the year ended 3oth September 2005 have been restated in
accordance with Financial Reporting Standard 21. As the Company did not declare
and distribute an interim dividend for the half year ended 31st March 2005 it is
not necessary for the interim results ended 31st March 2005 to be restated in
accordance with Financial Reporting Standard 21.




JPMorgan Chinese Investment Trust plc
Unaudited figures for the six months ended 31st March 2006
Reconciliation of Movements in Shareholders' Funds
                                                           
                               Called-     Share Exercised   Capital    Capital    Capital                        
                              up share   Premium   warrant  reserve-   reserve- redemption    Other   Revenue
                               capital   account   reserve  realised unrealised    reserve  reserve   reserve     Total
                                 £'000     £'000     £'000     £'000      £'000      £'000    £'000     £'000     £'000

At 30th September 2004 (as      16,522     3,335         3  (20,531)      1,251        581   37,476       988    39,625
restated)
Shares issued                      581     1,069         -         -          -          -        -         -     1,650
Net capital return from              -         -         -     3,595      5,260          -        -         -     8,855
ordinary activities
Net revenue return from              -         -         -         -          -          -        -       641       641
ordinary activities
Dividends appropriated in the        -         -         -         -          -          -        -     (616)     (616)
year
                               _______   _______  ________  ________   ________    _______  _______   _______  ________
At 30th September 2005 (as      17,103     4,404         3  (16,936)      6,511        581   37,476     1,013    50,155
restated)
Adjustment to opening                -         -         -         -      (116)          -        -         -     (116)
shareholders' funds at 1st 
October 2005 due to                  
adoption of FRS26
Shares issued                    1,059     2,388         -         -          -          -        -         -     3,447
Net capital return from              -         -         -     7,040      1,526          -        -         -     8,566
ordinary activities
Net revenue return from              -         -         -         -          -          -        -     (254)     (254)
ordinary activities
Dividends appropriated in the        -         -         -         -          -          -        -     (620)     (620)
year
                               _______   _______  ________  ________   ________    _______  _______   _______  ________
At 31st March 2006              18,162     6,792         3   (9,896)      7,921        581   37,476       139    61,178





JPMorgan Chinese Investment Trust plc
Unaudited figures for the six months ended 31st March 2006


BALANCE SHEET                                             31st March 2006   31st March 2005    30th September 2005
                                                                                                        (restated)
                                                                    £'000             £'000                  £'000

Total investments at fair value                                    60,628            38,186                 49,269

Net current assets                                                    589             2,876                    924
                                                                  _______           _______                _______
Total assets less current liabilities                              61,217            41,062                 50,193


Deferred taxation                                                    (39)              (35)                   (38)
                                                                  _______           _______                _______
Total net assets                                                   61,178            41,027                 50,155
                                                                    =====             =====                  =====
Net asset value per ordinary share                                  84.2p             61.3p                  73.3p

CASH FLOW STATEMENT
                                                                     2006              2005                   2005
                                                                    £'000             £'000                  £'000

Net cash (outflow)/inflow from operating activities                 (299)              (81)                    615

Net cash outflow from returns on investments and
servicing of finance                                                  (1)                 -                      -
        
Net cash (outflow)/inflow from capital expenditure and
financial investment                                              (2,437)               582                (3,154)

Total equity dividends paid                                         (620)             (661)                  (661)

Net cash inflow from financing                                      3,447               514                  1,650
                                                                  _______            ______                 ______
Increase/(decrease) in cash for the period                             90               354                (1,550)
                                                                    =====              ====                   ====



The results for the year ended 30th September 2005 have been restated in
accordance with Financial Reporting Standard 21.  As the Company did not declare
and distribute an interim dividend for the half year ended 31st March 2005 it is
not necessary for the interim results ended 31st March 2005 to be restated in
accordance with Financial Reporting Standard 21.

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 30th September 2005 have been delivered to the Registrar of
Companies.



JPMORGAN ASSET MANAGEMENT (UK) LIMITED



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