Final Results

JPMorgan Eur Fldglng Inv Trust PLC
08 June 2007


                          STOCK EXCHANGE ANNOUNCEMENT

               JPMORGAN EUROPEAN FLEDGELING INVESTMENT TRUST PLC

                   PRELIMINARY ANNOUNCEMENT OF FINAL RESULTS



The Company today announces its results for the year to 31st March 2007.

This has been my first year as Chairman and I am delighted to report that the
Company has again returned an excellent performance both in absolute and
relative terms. This is the third successive year in which the Company has
outperformed its benchmark in its return on net assets and the fourth successive
year it has outperformed by way of total return to shareholders.

Over the year to 31st March 2007 the Company's total return on net assets (i.e.
with net income reinvested) was +23.7%, which compares favourably with a return
of +19.5% on the same basis from the Company's benchmark, the HSBC Smaller
European Companies (ex UK) Total Return Index in Sterling Terms.

The share price total return to shareholders during the year was +26.6%. The
discount to net asset value narrowed during the year from 10.3% to 8.2%. The
average weekly discount during the year was 10.7%.

Most of the outperformance of 4.2% achieved by the investment managers was a
result of their stock selection ability with modest positive contributions
coming from the Company's gearing and currency. This outperformance of 4.2%,
when added to the benchmark return of 19.5%, gives the return on net assets of
23.7%. The total return to shareholders of 26.6% takes into account all other
factors, the most important of which was 2.9% added through the impact of the
decrease in the discount at which the Company's shares trade. The Board pays
close attention to keeping the level of this discount down to the lowest extent
possible.

At the Annual General Meetings in 2005 and 2006 shareholders approved a
resolution to enable the Company to sell shares from treasury at a discount to
net asset value. The Board believes that there are benefits in having the
ability to reissue, rather than cancel, shares bought in the market. Its use can
improve liquidity in the Company's shares, help manage any imbalance between the
supply and demand, reduce the volatility and absolute levels of the discount and
enhance the net asset value by selling shares at a narrower discount than that
at which they were purchased.

During the year, as in the previous year, the Board was able use its ability to
buy shares into treasury and then reissue them to good effect for shareholders.
Between 5th May 2006 and 14th September 2006 1.88 million shares were bought
into treasury at an average discount of 11.7% to the share price. Then with
increased demand for the Company's shares during the first quarter of 2007, a
total of 450,000 shares were reissued from treasury and sold back into the
market at a lower average discount of 7.0%. This provided a modest positive
contribution of 0.3% to the total return for the year.

The Board is requesting that shareholders renew the authority for use of
treasury shares at the forthcoming Annual General Meeting. It is important to
note that, as previously, the Board will maintain the policy of constraining the
Company's ability to sell treasury shares, by imposing a strict limit to the
dilution associated with the sale at a discount to a maximum of 0.5% of net
asset value in any year.

At the Nomination Committee meeting held earlier this year, the Directors
carried out their annual evaluation of the Board and its Committees, the
Directors and the Chairman. The Board takes this review seriously and views it
as an effective means of evaluating the continuing efficacy of the Board. In
accordance with the Company's Articles of Association, I will be the Director
retiring by rotation at this year's AGM. A Nomination Committee of the Board met
to consider my qualifications, performance and contribution to the Board. I am
pleased to report that the Nomination Committee recommends to shareholders that
I should be re-elected, and I am also pleased to stand for re-election.

In addition, Jacques Drossaert also retires from the Board and, after eight
years of service, will not be seeking re-election. On the behalf of the Board, I
would like to express our sincere thanks and gratitude to Jacques as he has been
a strong and valuable member of the Board throughout his years of service. We
wish him all the very best for the future.

The Board also carried out a formal detailed review of the Manager during the
year. This covered the investment management, company secretarial,
administrative and marketing services provided to the Company by JPMorgan Asset
Management (UK) Limited ('JPMAM') and took into account their investment
performance record, management processes, investment style, resources and risk
control mechanisms. The Board concluded that it is fully satisfied with the
performance of the Manager and its continued appointment on the existing terms
is very much in the interests of shareholders as a whole.

The Company operates in accordance with corporate governance best practice and
the Board is committed to the highest standards of corporate governance as
applicable to investment trust companies.

At the beginning of the year under review there were significant changes in the
structure of the team at UBS, the Company's broker. As a result the Board
decided to review this role and various brokers specialising in this sector were
invited to present their services. As a result the Board subsequently appointed
Cenkos Securities Limited as the Company's broker.

The Directors and I very much look forward to welcoming you to the Company's AGM
which will be held on 13th July 2007 at 12 noon. The venue will be The Library,
JPMorgan, 60 Victoria Embankment, London EC4Y 0JP. The investment managers will
make a presentation reviewing the past year and commenting on the outlook for
the current year.

The Board is somewhat cautious on the outlook for the market in general
following this extended period of good performance, particularly in the small
cap asset class, but it has considerable confidence that the investment managers
will continue to add value through their stock picking abilities.


Elisabeth Airey
Chairman 8th June 2007


For further information:

Hilary Lowe........................................................020 7742 6000
For and on behalf of
JPMorgan Asset Management (UK) Limited


JPMorgan European Fledgeling Investment Trust plc
Unaudited figures for the year ended 31st March 2007


Income Statement

                               (Unaudited)                                       (Audited)
                               Year ended 31st March 2007               Year  ended 31st March 2006
                                   Revenue      Capital         Total    Revenue    Capital      Total
                                     £'000        £'000         £'000      £'000      £'000      £'000

Gains from investments held at
fair value through profit or
loss                                     -       82,133        82,133          -    150,961    150,961
Net foreign currency gains               -          234           234          -        233        233
Income from investments              7,660            -         7,660      4,667          -      4,667
Other interest receivable and
similar income                         107            -           107        231          -        231
Gross return                         7,767       82,367        90,134      4,898    151,194    156,092

Management fee                     (4,372)            -       (4,372)    (3,159)          -    (3,159)
Other administrative expenses        (613)            -         (613)      (592)          -      (592)
Net return on ordinary
activities before finance
costs and taxation                   2,782       82,367        85,149      1,147    151,194    152,341

Finance costs                        (924)            -         (924)      (525)          -      (525)

Net return on ordinary
activities before taxation           1,858       82,367        84,225        622    151,194    151,816

Taxation                             (579)            -         (579)      (406)          -      (406)

Net return on ordinary
activities after taxation            1,279       82,367        83,646        216    151,194    151,410


Return per  share (note 2)           2.49p      160.58p       163.07p      0.41p    286.38p    286.79p


All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the year.

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 European Fledgeling Investment Trust plc
Unaudited figures for the  year ended 31st March 2007

Reconciliation of Movements in Shareholders' Funds  (Unaudited)

                                  Called up                   Capital
                                      Share        Share   redemption     Other    Capital    Revenue               
                                    capital      premium      reserve   reserve  reserve      reserve     Total
                                      £'000        £'000        £'000     £'000      £'000      £'000     £'000

At 31st March 2005                   13,391            -        2,245    30,564    188,633    (8,899)   225,934

Adjustment to opening
shareholders' funds at 1st
April 2005 to reflect the
adoption of bid prices                    -            -            -         -      (752)          -     (752)
Repurchase of shares into                 -            -            -   (1,623)          -          -   (1,623)
treasury
Sale of shares from treasury              -           91            -       675          -          -       766
Shares bought back and                (196)            -          196   (2,765)          -          -  (2,765)
cancelled
Total return from ordinary                                                         
activities                                -            -            -         -    151,194        216   151,410

At 31st March 2006                   13,195           91        2,441    26,851    339,075    (8,683)   372,970

Repurchase of shares into                 -            -            -  (11,195)          -          -  (11,195)
treasury
Sale of shares from treasury              -        1,221            -     3,602          -          -     4,823
Total return from ordinary                                                          
activities                                -            -            -         -     82,367      1,279    83,646

At 31st March 2007                   13,195        1,312        2,441    19,258    421,442    (7,404)   450,244



JPMorgan European Fledgeling Investment Trust plc
Unaudited figures for the year ended 31st March 2007

BALANCE SHEET                                                           (Unaudited)            (Audited)
                                                                    31st March 2007      31st March 2006
                                                                              £'000                £'000
Fixed assets
Investments at fair value through profit or loss                            433,219              387,213

Investment in liquidity fund at fair value
through profit or loss                                                       12,736                    -
                                                                            _______              
Total portfolio                                                             445,955              387,213

Current assets
Debtors                                                                      11,123               10,098
Cash and short term deposits                                                    305                2,417
                                                                            _______              _______
                                                                             11,428               12,515

Creditors : amounts falling due within one year                             (7,139)             (26,758)

Net current assets/ (liabilities)                                             4,289             (14,243)
                                                                            _______              _______
Total assets less current liabilities                                       450,244              372,970
                                                                            _______              _______
Total net assets                                                            450,244              372,970
                                                                              =====                =====

Capital and reserves
Called up share capital                                                      13,195               13,195
Share premium                                                                 1,312                   91
Capital redemption reserve                                                    2,441                2,441
Other reserve                                                                19,258               26,851
Capital reserve                                                             421,442              339,075
Revenue reserve                                                             (7,404)              (8,683)
                                                                            _______              _______
Shareholders' funds                                                         450,244              372,970
                                                                              =====                =====

Net asset value per  share (note 3)                                          876.8p               709.0p



CASH FLOW STATEMENT
                                                                        (Unaudited)            (Audited)
                                                                    31st March 2007      31st March 2006
                                                                              £'000                £'000

Net cash inflow from operating activities                                     1,848                  553

Net cash outflow from returns on investments and servicing of                 (925)                (556)
finance

Overseas tax recovered                                                          124                  184

Net cash inflow from capital expenditure and financial
investment                                                                   14,650               15,757

Net cash outflow from financing                                            (17,813)             (27,547)
                                                                            _______               ______
Decrease in cash for the year                                               (2,116)             (11,609)
                                                                              =====                 ====



Notes to the Accounts


1. Accounting policies

The accounts have been prepared in accordance with the Companies Act 1985,
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.


2. Return per share

                                                                           (Unaudited)            (Audited)
                                                                       31st March 2007      31st March 2006
                                                                                 £'000                £'000
Return per share is based on the following:

Revenue return                                                                   1,279                  216

Capital return                                                                  82,367              151,194

Total return                                                                    83,646              151,410

Weighted average number of shares in issue                                  51,293,172           52,794,594

Revenue return per ordinary share                                                2.49p                0.41p

Capital return per ordinary share                                              160.58p              286.38p

Total return per ordinary share                                                163.07p              286.79p


3. Net asset value per share

The net asset value per share is based on the net assets attributable to the
ordinary shareholders of £450,244,000 (2006: £372,970,000) and on the 51,350,198
(2006: 52,606,517) shares in issue at the year end, excluding shares held in
treasury.


4. Status of preliminary announcement

The financial information set out in this preliminary announcement does not
constitute the Company's statutory accounts for the years ended 31st March 2007
or 2006. The statutory accounts for the year ended 31st March 2007 have not been
delivered to the Registrar of Companies, nor have the auditors yet reported on
them. The statutory accounts for the year ended 31st March 2007 will be
finalised on the basis of the information presented by the Directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the approval of the accounts by the Board of Directors.



8th June 2007
JPMORGAN ASSET MANAGEMENT (UK) LIMITED



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