Gearing

JPMorgan Fleming Eur Fldglng IT PLC
07 April 2005

                          STOCK EXCHANGE ANNOUNCEMENT

           JPMORGAN FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC

JPMorgan Fleming European Fledgeling Investment Trust plc announces that the
Company's current level of gearing is around 2%.  This has been reduced from
approximately 18%.

7th April 2005


For further information, please contact:

Hilary Lowe  (Company Secretary)
J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 6000


                      This information is provided by RNS
            The company news service from the London Stock Exchange