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Fleming Overseas Inv (JMO)

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Tuesday 05 March, 2002

Fleming Overseas Inv

Interim Results

Fleming Overseas Inv Trust PLC
5 March 2002



                   THE FLEMING OVERSEAS INVESTMENT TRUST PLC


                          STOCK EXCHANGE ANNOUNCEMENT


                    HALF YEARLY RESULTS TO 31 DECEMBER 2001




5 March 2002



The Company today announced its results for the six months ended 31 December
2001.



Performance



During the period under review, the net asset value total return of the ordinary
shares was -9.9%.  The Company's benchmark, the MSCI World Index (in sterling
terms) provided a total return of -10.1% over the same period.



Revenue



In line with the Company's current dividend policy no interim dividend has been
declared.




For further information, please contact:



Linda Field

The Fleming Overseas Investment Trust plc................020 7742 3426

JP Morgan Fleming Asset Management Limited







The Fleming Overseas Investment Trust plc

Unaudited figures for the six months ended 31 December 2001

Statement of Total Return (Unaudited)
                         Six months to 31 December 2001  Six months to 31 December 2000       Year to 30 June 2001

                          Revenue     Capital     Total   Revenue   Capital       Total   Revenue    Capital     Total

                            £'000       £'000     £'000     £'000     £'000       £'000     £'000      £'000     £'000


Realised (losses)/gains         -    (16,249)  (16,249)         -    31,862      31,862         -      3,519     3,519
on investments
Net change in                   -    (38,586)  (38,586)         - (104,717)   (104,717)         -   (82,059)  (82,059)
unrealised appreciation
Currency losses on cash
and short-term                  -       (714)     (714)         -     (188)       (188)         -      (358)     (358)
deposits held during
the period
Unrealised gain on              -         744       744         -         -           -         -          -         -
currency hedges
Other capital items             -        (99)      (99)         -     (124)       (124)         -       (80)      (80)
Franked dividends             562           -       562        21         -          21       217          -       217
Overseas dividends          2,732           -     2,732     4,924         -       4,924    10,372          -    10,372
Interest from                 201           -       201       670         -         670     1,125          -     1,125
investments
Deposit interest              171           -       171       575         -         575     1,006          -     1,006
Stock lending fees              -           -         -        26         -          26        26          -        26
                          _______    ________   _______    ______   _______    ________   _______    _______   _______

Gross return                3,666    (54,904)  (51,238)     6,216  (73,167)    (66,951)    12,746   (78,978)  (66,232)

Management fee              (565)       (565)   (1,130)     (865)     (865)     (1,730)   (1,562)              (3,124)
                                                                                                   (1,562)
Other administrative        (233)           -     (233)     (372)         -       (372)     (629)          -     (629)
expenses

Performance fee                 -           -         -         -     2,347       2,347         -    (3,608)   (3,608)

Interest payable          (1,607)     (1,607)   (3,214)   (1,470)   (1,470)     (2,940)   (3,279)    (3,278)   (6,557)

                          _______     _______   _______    ______   _______     _______   _______    _______   _______

Return before taxation      1,261    (57,076)  (55,815)     3,509  (73,155)    (69,646)     7,276   (87,426)  (80,150)

Taxation                    (605)         306     (299)   (1,087)       680       (407)   (2,786)      1,621   (1,165)

                           ______     _______   _______    ______   _______      ______   _______    _______   _______

Total return                  656    (56,770)  (56,114)     2,422  (72,475)    (70,053)     4,490   (85,805)  (81,315)
attributable to
ordinary shareholders

Dividend (s) payable on      116*           -       116         -         -           -   (3,266)          -   (3,266)
ordinary shares


                           ______     _______   _______    ______   _______     _______    ______    _______   _______
Transfer to/ (from)           772    (56,770)  (55,998)     2,422  (72,475)    (70,053)     1,224   (85,805)  (84,581)
reserves

Return per ordinary         0.87p    (75.71)p  (74.84)p      2.6p   (76.2)p     (73.6)p     5.03p   (96.07)p  (91.04)p
share

Dividend (s) per                -                               -                           4.20p
ordinary share


* Write back of dividend provided for in the annual accounts, but for shares
bought back before the dividend pay date (27th November 2001).





The Fleming Overseas Investment Trust plc

Unaudited figures for the six months ended 31 December 2001


BALANCE SHEET                                                        31 December     31 December         30 June
                                                                            2001            2000            2001
                                                                           £'000           £'000           £'000

Investments at valuation                                                 491,893         690,987         581,156


Net current assets                                                        17,642          15,376          10,710

Creditors (amounts falling due after more than one year)                (79,933)        (79,886)        (79,910)

Provisions for liabilities and charges                                  (10,210)         (6,262)        (10,210)
                                                                         _______         _______         _______
Total net assets                                                         419,392         620,215         501,746
                                                                           =====           =====           =====
Net asset value per ordinary share                                        576.6p          652.1p          645.2p


CASH FLOW STATEMENT
                                                                            2001            2000            2000
                                                                           £'000           £'000           £'000

Net cash (outflow) / inflow from operating activities                    (1,039)             102           4,574

Net cash outflow from returns on investments and servicing
of finance                                                               (3,190)         (2,915)         (6,508)

Total tax recovered                                                          275           1,275           1,944

Net cash inflow from capital expenditure and financial
investment                                                                42,481           8,772         104,809

Total equity dividends paid                                              (3,150)         (3,428)         (3,424)

Net cash outflow from financing                                         (26,355)               -       (103,941)
                                                                         _______          ______          ______
Increase / (decrease) in cash for the period                               9,022           3,806         (2,546)
                                                                           =====            ====            ====





The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 30 June 2001 have been delivered to the Registrar of Companies.




J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED





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