Investment Policy

JPMorgan Fleming Eur Fldglng IT PLC
16 October 2003

                           STOCK EXCHANGE ANNOUNCEMENT

                            JPMORGAN FLEMING EUROPEAN
                        FLEDGELING INVESTMENT TRUST PLC

                       ANNOUNCEMENT OF INVESTMENT POLICY

Following the publication by The Financial Services Authority of the Investment
Entities (Listing Rules and Conduct of Business) Instrument 2003, the Board of
JPMorgan Fleming European Fledgeling Investment Trust plc (the 'Company') notes
and announces that it is the Company's policy to invest no more than 15% of its
gross assets in other listed investment companies (including listed investment
trusts).

16 October 2003


J.P. Morgan Fleming Asset Management (UK) Limited - Secretary


For further information, please contact:
Hilary Lowe.........................................020 7742 3274



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