Final Results

Fleming Eur Fledgeling Inv Tst PLC
12 June 2002



              THE FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC


                   Preliminary Announcement of Final Results



For the second year running the performance of the majority of world stock
markets has been disappointing. European small cap companies' share prices have
mirrored the bearish sentiment. The Company produced a total return of -13.5%,
compared with the benchmark index, the HSBC Smaller European Companies (ex UK)
Index, which produced a total return of -4.4%. During the year to 31st March
2002, the share price fell from 285p to 221p, a reduction of 22.5%, while the
net asset value per share fell from 314.9p to 272.3p, a reduction of 13.5%. The
main reason for the underperformance has been the Company's relatively high
(compared to the benchmark composition) exposure to growth stocks which have had
a particularly difficult time.



Performance is better judged over the longer term. Over three and five years,
the Company has beaten its benchmark by 46.8% and 55.6% respectively and is the
top performer in its peer group, the AITC European Smaller Companies sector.



The Board remains confident that the Company will continue to give superior
sector performance over the longer term for anyone wishing to have an exposure
to Continental European small cap companies.



The level of gearing at the end of the financial year was 10.7%. This compares
with 14.1% at 31st March 2001. The Board is committed to long term strategic
gearing as it believes this adds value to the overall investment performance.
However, the actual level of gearing at any one time is actively managed, based
on the Investment Managers' view of the investment outlook. The Board has
therefore continued with a borrowing policy which allows for optimum
flexibility.



The level of discount of the share price to the net asset value per share at
31st March 2002 was 18.8% compared to 9.5% at the prior year end. The increase,
while greater than desirable, largely reflects its asset class within the
investment trust sector. The Board believes the ability of the Company to
repurchase its shares is helpful in managing the discount. It has retained its
power to repurchase shares and has used it where it deemed it appropriate to do
so. During the year 2,925,000 shares were repurchased. The Board considers it is
in the interest of shareholders to retain the power to repurchase shares and a
resolution to renew this authority will be put to shareholders at the
forthcoming AGM.


                                     - 2 -





Once again no dividend will be paid due to the Company's pursuit of capital
growth and its use of gearing. It is unlikely given this policy that dividends
will be payable in future.



Following the takeover of Flemings by Chase Manhattan and the subsequent merger
with JPMorgan, shareholders will have noticed the change in the name of the
Manager of the Company's portfolio. At the forthcoming Annual General Meeting a
special resolution will be proposed to change the Company's name to 'JPMorgan
Fleming European Fledgeling Investment Trust plc', to reflect this change.



The Company's AGM will be held at JPMorgan Fleming's Aldermanbury office on
Monday 22nd July 2002 at 12 noon.



Michael Hart

Chairman, 12th June 2002







For further information please contact:



Jonathan Latter

J.P. Morgan Asset Management (UK) Limited                     020 7742 6000







The Fleming European Fledgeling Investment Trust plc

Unaudited figures for the year ended 31 March 2002



Statement of Total Return (Unaudited)


                                                      Year ended 31 March 2002           Year ended 31 March 2001

                                                    Revenue     Capital       Total   Revenue    Capital       Total
                                                      £'000       £'000       £'000     £'000      £'000       £'000


Realised losses on investments                            -    (31,034)    (31,034)         -   (88,513)    (88,513)
Net change in unrealised appreciation                     -       4,686       4,686         -   (57,780)    (57,780)
Currency (losses)/ gains on cash and short-term
                                                          -
deposits held during the period                                   (224)       (224)         -        358         358
Unrealised currency gains /(losses) on Euro loans         -         344         344         -    (1,749)     (1,749)
Realised currency gains /(losses) on Euro loan            -         362         362         -      (318)       (318)
Other capital charges                                     -        (54)        (54)         -       (31)        (31)
Income from investments                               2,414           -       2,414     1,524          -       1,524
Other Income                                            365           -         365       550          -         550
                                                    _______    ________     _______    ______    _______    ________

Gross return                                          2,779    (25,920)    (23,141)     2,074  (148,033)   (145,959)

Management fee                                      (1,969)           -     (1,969)   (3,249)          -     (3,249)

Other administrative expenses                         (407)           -       (407)     (397)          -       (397)

Interest payable                                    (1,911)           -     (1,911)   (3,265)          -     (3,265)

                                                    _______     _______     _______    ______    _______     _______

Return before taxation                              (1,508)    (25,920)    (27,428)   (4,837)  (148,033)   (152,870)

Taxation                                              (254)           -       (254)     (225)          -       (225)

                                                    _______     _______     _______    ______    _______     _______

Total return attributable to ordinary               (1,762)    (25,920)    (27,682)   (5,062)  (148,033)   (153,095)
shareholders



Return per ordinary share                           (2.94)p    (43.29)p    (46.23)p   (8.26)p  (241.62)p   (249.88)p

Dividend per ordinary share                             Nil                               Nil










The Fleming European Fledgeling Investment Trust plc

Unaudited figures for the year ended 31 March 2002


BALANCE SHEET                                                                    31 March         31 March
                                                                                     2002             2001
                                                                                    £'000            £'000

Investments at valuation                                                          182,667          238,703


Net current liabilities                                                             (718)         (16,849)

Long term loan                                                                   (22,974)         (28,914)

Deferred taxation                                                                    (37)             (19)
                                                                                  _______          _______
Total net assets                                                                  158,938          192,921
                                                                                    =====            =====
Net asset value per ordinary share                                                 272.4p           314.9p

CASH FLOW STATEMENT
                                                                                     2002             2001
                                                                                    £'000            £'000

Net cash inflow /(outflow) from operating activities                                  849          (2,640)

Net cash outflow from servicing of finance                                         (2,460)         (2,887)

Total tax (paid)/ recovered                                                          (11)              107

Net cash inflow from capital expenditure and financial investment                  34,500           26,742

Net cash outflow from financing                                                  (32,055)         (37,304)
                                                                                  _______           ______
Increase/(decrease) in cash for the period                                            823          (5,982)
                                                                                    =====             ====





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 period ended 31 March
2001. 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

12th June 2002









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