Gearing

JPMorgan Eur Fldglng Inv Trust PLC
01 March 2007



                          STOCK EXCHANGE ANNOUNCEMENT

               JPMORGAN EUROPEAN FLEDGELING INVESTMENT TRUST PLC



JPMorgan European Fledgeling Investment Trust plc announces that it has today
reduced its gearing from 106% to zero due to the expectation of volatile market
conditions.



1st March 2007



For further information, please contact:



Hilary Lowe
JPMorgan Asset Management (UK) Limited,
020 7742 6000




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