Change of manager

JPMorgan Fleming Overseas IT PLC
23 July 2004


                          STOCK EXCHANGE ANNOUNCEMENT

                 JPMORGAN FLEMING OVERSEAS INVESTMENT TRUST PLC


The Board of JPMorgan Fleming Overseas Investment Trust plc announces that Ed
Walker has been appointed lead investment manager of the Company's portfolio.

Mr. Walker has 7 years' experience in the investment management industry and has
been involved in the day to day management of the Company's assets since
September 2003. Mr. Walker will be supported in the management of the Company's
portfolio by Howard Williams, Head of the Global Portfolios Group at JPMorgan
Fleming Asset Management.

Both Mr. Walker & Mr. Williams are members of the 22 strong team within JPMorgan
Fleming Asset Management that are responsible for managing global portfolios.
The change in lead investment manager results from Peter Harrison's decision to
leave JPMorgan Fleming to take up a senior appointment with Deutsche Asset
Management.


23rd July 2004



For further information, please contact:

Philip Jones
For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited - Secretary
020 7742 7214



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