Interim Results

JPMorgan Emerging Mkts Invest Trust 11 February 2008 LONDON STOCK EXCHANGE ANNOUNCEMENT JPMORGAN EMERGING MARKETS INVESTMENT TRUST PLC HALF YEAR RESULTS Chairman's Statement In the first six months the net asset value ('NAV') total return was up 19.3%, which was more or less in line with our benchmark index, the MSCI Emerging Markets Free Index (in sterling terms) of 19.5%. Our performance over one, two, three & five year periods remains good. The return to shareholders was a little lower at 17.0%, reflecting a small widening of the discount to NAV at which the Company's shares trade. It has been a rocky start to the new year but interestingly emerging markets have fallen more or less in line with those of Europe and the USA, whereas some four years ago we would have seen a flight from the perceived higher risk of Asia and South America. Going forward, the uncertainty is likely to continue which will result in downward pressure on all markets with the volatility remaining high. However, there is good reason to believe that towards the end of 2008 we could see more stability, and the fundamentals for continued growth in emerging markets being reflected in share prices. As mentioned by the Investment Manager below, the recent pullback in markets could offer opportunities to realign our portfolio of investments to improve our potential for long term growth. Difficult times, but I am confident that with our flexibility to invest across all emerging markets and, with the growing strength of our Manager's investment team, we are in a good position to continue to outperform the benchmark. Roy Reynolds Chairman 11th February 2008 Investment Manager's Report Over the whole of the six month period, emerging markets appreciated by 19.5% when measured in sterling; this is still an exceptional rate of return. The return from the Company's net asset value per share was essentially the same, at 19.3%. It's been an eventful six months. Following a period of volatility and falling share prices in July, the decision by America's Federal Reserve to cut interest rates last August fuelled an explosive rally in emerging market equities which was most evident in countries with an economic policy link to the US. Nowhere was this more evident than in China, where a speculative bubble of generous proportions developed in the domestic 'A' share market, and began to spill over into Hong Kong listed companies which are part of the Company's opportunity set. From their trough in mid-August, emerging market stock rose by 34% in less than three months, in spite of a gradually deteriorating economic background in the developed world. It was a strangely contradictory world in which the depositors of Northern Rock queued in the street to withdraw their money, while in China investors queued to put theirs into stocks and shares. From October onwards, however, things began to cool off. A stream of unremitting bad news from the financial sector in the developed world, and an increasingly obvious 'credit crunch' caused by banks trying to reduce leverage and risk, began to outweigh the attempts by central banks to stimulate economies. The longer this persisted, the more chance there seemed that the real economy would be affected. The last couple of months of 2007 were marked by much more volatility in markets. 2008 is going to be an interesting year, and one which should produce many more of the opportunities which we look for to keep the potential for future appreciation in the Company's portfolio. Austin Forey Investment Manager 11th February 2008 For further information, please contact: Philip Jones For and on behalf of JPMorgan Asset Management (UK) Limited - Secretary 020 7742 6000 JPMorgan Emerging Markets Investment Trust plc Unaudited figures for the six months ended 31st December 2007 Income Statement (Unaudited) (Unaudited) (Audited) Six months ended 31st Six months ended 31st Year ended 30th June 2007 December 2007 December 2006 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains from investments held at fair value through profit or loss - 93,669 93,669 - 82,976 82,976 - 151,401 151,401 Net foreign - (192) (192) - (380) (380) - (650) (650) currency losses Income from 4,386 - 4,386 2,957 - 2,957 8,010 - 8,010 investments Other interest receivable and similar income 152 - 152 39 - 39 45 - 45 _______ ________ _______ ______ _______ ________ _______ _______ _______ Gross return 4,538 93,477 98,015 2,996 82,596 85,592 8,055 150,751 158,806 Management fee (2,596) - (2,596) (2,073) - (2,073) (4,500) (4,500) - Performance fee - 417 417 - (2,840) (2,840) - (4,176) (4,176) Other (510) - (510) (464) - (464) (885) - (885) administrative expenses _______ ________ _______ ______ _______ ________ _______ _______ _______ Net return on ordinary activities before finance costs and taxation 1,432 93,894 95,326 459 79,756 80,215 2,670 146,575 149,245 Finance costs (193) - (193) (1) - (1) (55) - (55) _______ _______ _______ ______ _______ _______ _______ _______ _______ Net return on ordinary activities before taxation 1,239 93,894 95,133 458 79,756 80,214 2,615 146,575 149,190 Taxation (110) - (110) (199) - (199) (458) - (458) _______ ________ _______ ______ _______ ________ _______ _______ _______ Net return on ordinary activities after taxation 1,129 93,894 95,023 259 79,756 80,015 2,157 146,575 148,732 ______ _______ _______ ______ _______ _______ ______ _______ ______ Return per share 1.02p 85.12p 86.14p 0.23p 72.31p 72.54p 1.96p 132.88p 134.84p All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. 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 Emerging Markets Investment Trust plc Unaudited figures for the six months ended 31st December 2007 Reconciliation of Movements in Shareholders' Funds (Unaudited) Called up Capital share redemption capital Share reserve Other Capital Revenue premium reserve reserves reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Six months ended 31st December 2007 (Unaudited) At 30th June 2007 27,575 71,052 1,665 69,939 335,042 2,685 507,958 Total return from ordinary - - - - 93,894 1,129 95,023 activities Dividends appropriated in the period - - - - - (2,206) (2,206) At 31st December 2007 27,575 71,052 1,665 69,939 428,936 1,608 600,775 Called up Capital share redemption capital Share reserve Other Capital Revenue premium reserve reserves reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Six months ended 31st December 2006 (Unaudited) At 30th June 2006 27,575 71,052 1,665 69,939 188,467 2,183 360,881 Total return from ordinary - - - - 79,756 259 80,015 activities Dividends appropriated in the period - - - - - (1,655) (1,655) At 31st December 2006 27,575 71,052 1,665 69,939 268,223 787 439,241 Called up Capital share redemption capital Share reserve Other Capital Revenue premium reserve reserves reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Year ended 30th June 2007 (Audited) At 30th June 2006 27,575 71,052 1,665 69,939 188,467 2,183 360,881 Total return from ordinary - - - - 146,575 2,157 148,732 activities Dividends appropriated in the year - - - - - (1,655) (1,655) At 30th June 2007 27,575 71,052 1,665 69,939 335,042 2,685 507,958 JPMorgan Emerging Markets Investment Trust plc Unaudited figures for the six months ended 31st December 2007 BALANCE SHEET (Unaudited) (Unaudited) (Audited) 31st December 31st December 30th June 2007 2006 2007 £'000 £'000 £'000 Fixed assets Investments at fair value through profit or loss 605,182 440,646 511,914 Current assets Debtors 5,554 2,083 1,386 Cash and short term deposits 1,843 235 925 7,397 2,318 2,311 Creditors : amounts falling due within one year (11,804) (3,723) (5,467) Net current liabilities (4,407) (1,405) (3,156) Total assets less current liabilities 600,775 439,241 508,758 Provision for liabilities and charges - - (800) Total net assets 600,775 439,241 507,958 Capital and reserves Called up share capital 27,575 27,575 27,575 Share premium 71,052 71,052 71,052 Capital redemption reserve 1,665 1,665 1,665 Other reserve 69,939 69,939 69,939 Capital reserves 428,936 268,223 355,042 Revenue reserve 1,608 787 2,685 Shareholders' funds 600,775 439,241 507,958 Net asset value per share 544.7p 398.2p 460.5p (Unaudited) (Unaudited) (Audited) CASH FLOW STATEMENT 31st December 31st December 30th June 2007 2006 2007 £'000 £'000 £'000 Net cash (outflow)/inflow from operating activities (2,773) (2,308) 206 Net cash outflow from returns on investments and servicing of finance (193) (1) (55) Net cash inflow from capital expenditure and financial 3,513 2,027 526 investment Dividends paid (2,206) (1,655) (1,655) Net cash inflow from financing 2,769 - - Increase/(decrease) in cash for the period 1,110 (1,937) (978) Reconciliation of net cash flow to movement in net funds Net cash movement 1,110 (1,937) (978) Exchange movements (192) (381) (650) Movement in net funds in the period 918 (2,318) (1,628) Net funds at the beginning of the period 925 2,553 2,553 Net funds at the end of the period 1,843 235 925 Represented by: Cash at bank and in hand 1,843 235 925 Notes to the Accounts 1. Financial Statements The figures and financial information for the year ended the 30th June 2007 are extracted from the latest published accounts of the Company and do not constitute statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under either section 237(2) or 237 (3) of the Companies act 1985. 2. Accounting policies The accounts have been prepared in accordance with United Kingdom Generally accepted Accounting Practice ('UK GAAP') and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' dated 31st December 2005. All of the Company's operations are of a continuing nature. The accounting policies applied to these interim accounts are consistent with those applied in the accounts for the year ended 30th June 2007. 3. Taxation The taxation charge of £110,000 (31st December 2006: £199,000 and 30th June 2007: £458,000) relates to irrecoverable overseas taxation. 4. Return per share (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st December 2007 31st December 2006 30th June 2007 £'000 £'000 £'000 Return per share is based on the following: Revenue return 1,129 259 2,157 Capital return 93,894 79,756 146,575 _______ ______ ______ Total return 95,023 80,015 148,732 ====== ====== ===== Weighted average number of shares in issue 110,303,742 110,303,742 110,303,742 Revenue return per share 1.02p 0.23p 1.96p Capital return per share 85.03p 72.31p 132.88p _______ ______ ______ Total return per share 86.05p 72.54p 134.84p ====== ====== ===== 5. Net asset value per share Net asset value per share is calculated by dividing equity shareholders funds by the number of shares in issue at 31st December 2007 of 110,303,742 (31st December 2006: 110,303,742 and 30th June 2007: 110,303,742). 6. Reconciliation of total return on ordinary activities before finance costs and taxation to net cash (outflow)/inflow from operating activities (Unaudited) (Unaudited) (Audited) Six months Six months ended ended Year ended 31st December 31st December 30th June 2007 2007 2006 £'000 £'000 £'000 Total return on ordinary activities before finance costs and taxation 95,326 80,215 149,245 Less: Capital return on ordinary activities before finance costs and taxation (93,894) (79,756) (146,575) Scrip dividends received as income (97) (238) (243) (Increase)/decrease in accrued income (236) 215 155 (Increase)/decrease in other debtors (10) (141) 58 (Decrease)/ increase in accrued expenses (495) 74 502 Tax on unfranked investment income (110) (199) (458) Performance fee paid (3,257) (2,478) (2,478) Net cash (outflow)/inflow from operating activities (2,773) (2,308) 206 JPMORGAN ASSET MANAGEMENT (UK) LIMITED This information is provided by RNS The company news service from the London Stock Exchange

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