Final Results

JPMorgan Fleming Eur Fldglng IT PLC
17 June 2003



            JPMORGAN FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC

                          STOCK EXCHANGE ANNOUNCEMENT



17th June 2003

The Board today announces the preliminary results of the Company for the year
ended 31st March 2003.


Chairman's Statement



The overall investment climate during the financial year not only remained
depressed but the decline in the values of European equities accelerated though
there was a modest recovery in the second half of the year. The company produced
a total return on net assets of -27.7% compared to the benchmark index, the HSBC
Smaller European Companies (ex UK) Index, which showed a total return of -25.4%.
The net asset value per share fell from 272.4p at 31st March 2002 to 196.9p at
the end of March 2003, a reduction of -27.7%. The share price decreased from
221.0p to 144.5p in the same period, a fall of -34.6%. The Company's net asset
performance was broadly in line with its benchmark (NAV) after allowing for an
adverse effect as a result of gearing. This reflects a balanced approach taken
by the Investment Managers investing across both value and growth companies in a
volatile market.



The Investment Managers believe that with share prices at current levels there
is now value to be found in a number of areas. The managers' investment policy
and their views on the investment outlook are covered in more detail in the
Investment Managers' report in the Annual Report and Accounts.



Despite the difficult investment environment over recent years, the Board judges
the investment performance over the longer term. Over a five-year period the
Company has beaten its benchmark by 28.8% on a total return basis and is the top
performer in its peer group, the AITC European Smaller Companies sector. More
recently, in the 2003 Fund Awards, Standard & Poor's has awarded the Company
first place over one year in the European Smaller Companies Sector. The Board
aims that the Company will continue to give relative superior sector performance
for those wishing to have an exposure to Continental European smaller companies.



The Board continues to believe that appropriate levels of gearing at particular
times based on the Investment Managers' view of the investment climate provide
potential to add value. The managers have authority to work within a gearing
range of 10% cash to 20% gearing according to their view of the market. The
borrowing policy is tuned to underpin this. As at 31st March 2003 the actual
level of gearing was 104.9%.



At the end of March 2003 the level of discount of share price to net asset value
was 26.6% compared to 18.9% at the prior year end. Over the twelve months the
discount moved in the range 12.4% to 28.0%. The level of discount and volatility
are regrettably greater than desirable. They reflect both current general market
outlook and sentiment towards the asset class. During the year the Company
repurchased a total of 3,675,000 shares for cancellation which enhanced the net
asset value by approximately 1.7%. The Board considers it is in the interest of
shareholders to maintain an option to repurchase shares and a resolution to
renew this authority will be put to shareholders at the forthcoming AGM.



Patrick Gifford will be retiring from the Board with effect from the AGM.
Patrick has been a Director of the Company since its formation in 1990 and was
Chairman until 1998. He has played a major role in the development and success
of European Fledgeling including wise advice and guidance to the Board and
myself in particular. On behalf of Shareholders and the Board I thank him most
warmly for his immense contribution. We welcome to the Board Michael Wrobel who
joined us after the financial year end. We look forward to receiving the benefit
of Michael's contribution in the future.



For the year under review there was a small surplus of 0.48p per share on the
revenue account, and present indications suggest a similar result in the current
year. However, it remains unlikely that dividends will be payable in the future
due to the substantial accumulated loss on the revenue reserve.



Your Directors and I very much look forward to welcoming you to the Company's
AGM which will be held at JPMorgan Fleming's Aldermanbury office on Tuesday 22nd
July 2003 at 12.00 noon. The Investment Managers will review the past year and
comment on the outlook for the current year. If you have any detailed or
technical questions, you may wish to raise these in advance with the Company
Secretary at Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ. Shareholders
who are unable to attend the AGM in person are encouraged to use their proxy
votes.


Michael Hart

Chairman            17th June 2003



JPMorgan Fleming European Fledgeling Investment Trust plc
Unaudited figures for the year ended 31 March 2003

Statement of Total Return (Unaudited)


                                                  Year ended 31 March 2003              Year ended 31 March 2002
                                                    Revenue     Capital       Total   Revenue    Capital       Total
                                                      £'000       £'000       £'000     £'000      £'000       £'000

Realised losses on investments                            -    (39,813)    (39,813)         -   (31,034)    (31,034)
Net change in unrealised appreciation                     -     (2,962)     (2,962)         -      4,686       4,686
Currency gains/(losses) on cash and short-term            
deposits held during the period                           -        245         245          -      (224)       (224)   
Unrealised currency (losses)/gains on Euro loans          -     (1,787)     (1,787)         -        344         344
Realised currency (losses)/gains on Euro loan             -     (1,046)     (1,046)         -        362         362
Other capital charges                                     -       (198)       (198)         -       (54)        (54)
Income from investments                               3,373           -       3,373     2,414          -       2,414
Other Income                                            199           -         199       365          -         365
                                                    _______    ________     _______    ______    _______    ________

Gross return                                          3,572    (45,561)    (41,989)     2,779   (25,920)    (23,141)
Management fee                                      (1,555)           -     (1,555)   (1,969)          -     (1,969)
Other administrative expenses                         (303)           -       (303)     (407)          -       (407)
Interest payable                                    (1,150)           -     (1,150)   (1,911)          -     (1,911)
                                                    _______     _______     _______   _______    _______     _______

Return before taxation                                  564    (45,561)    (44,997)   (1,508)   (25,920)    (27,428)

Taxation                                              (290)           -       (290)     (254)          -       (254)
                                                    _______     _______     _______   _______    _______     _______

Total return attributable to ordinary                   274    (45,561)    (45,287)   (1,762)   (25,920)    (27,682)
shareholders

Return per ordinary share                             0.48p    (79.91)p    (79.43)p   (2.94)p   (43.29)p    (46.23)p
Dividend per ordinary share                             Nil                               Nil



JPMorgan Fleming European Fledgeling Investment Trust plc
Unaudited figures for the year ended 31 March 2003


SUMMARISED BALANCE SHEET                                                         31 March         31 March
                                                                                     2003             2002
                                                                                    £'000            £'000

Investments at valuation                                                          119,862          182,667


Net current liabilities                                                           (3,896)            (718)

Long term loan                                                                    (8,284)         (22,974)

Deferred taxation                                                                    (39)             (37)
                                                                                  _______          _______
Total net assets                                                                  107,643          158,938
                                                                                    =====            =====
Net asset value per ordinary share                                                 196.9p           272.4p

SUMMARISED CASH FLOW STATEMENT
                                                                                     2003             2002
                                                                                    £'000            £'000

Net cash inflow from operating activities                                             921              849

Net cash outflow from servicing of finance                                        (1,158)          (2,460)

Total tax  recovered/(paid)                                                           154             (11)

Net cash inflow from capital expenditure and financial investment

                                                                                   14,612           34,500

Net cash outflow from financing                                                  (15,136)         (32,055)
                                                                                  _______          _______
(Decrease)/Increase in cash for the period                                          (607)              823
                                                                                    =====            =====



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 31 March 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
17th June 2003



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