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JPMorgan Flem.Claver (JCH)

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Wednesday 10 September, 2003

JPMorgan Flem.Claver

Interim Results

JPMorgan Fleming Claverhouse IT PLC
10 September 2003

                       LONDON STOCK EXCHANGE ANNOUNCEMENT


               JPMORGAN FLEMING CLAVERHOUSE INVESTMENT TRUST PLC

                  PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS


The Directors of JPMorgan Fleming Claverhouse Investment Trust plc announce the
Company's results for the six months ended 30th June 2003.


Performance

I am pleased to report that in the six months to 30th June 2003, the Company
produced a total return on net assets of 8.6% compared with a total return of
6.3% from the Company's benchmark, the FTSE All-Share Index. In a period of
recovery for UK equity markets, the Company's long-term strategic gearing proved
beneficial, adding 0.4% to the Company's total return.

Revenue and Dividends

Revenue after taxation for the six months to 30th June 2003 was £5,585,000,
which compares favourably with the £5,238,000 for the corresponding period last
year.

The Directors have already declared two quarterly dividends of 2.40p each for
the current financial year. It is the Directors' intention to pay three
quarterly dividends of 2.40p each and at least maintain the fourth quarterly
dividend of 2.75p.

Share Buybacks

In accordance with the authority granted by shareholders, the Company has
repurchased and cancelled shares trading at a discount to net asset value. For
the six months to 30th June 2003, 8,072,437 shares were repurchased at an
average discount of 3.8%. These repurchases enhanced net asset value per share
by approximately 0.36%. Since 30th June 2003, the Company has purchased a
further 448,000 shares for cancellation at a total cost of £1.35m.



Robert Walther
Chairman                                                  10th September 2003





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





For further information please contact:


Jonathan Latter
J.P. Morgan Fleming Asset Management (UK) Limited
Telephone 0207 742 3408








JPMorgan Fleming Claverhouse Investment Trust plc
Unaudited figures for the  period ended 30 June 2003


Statement of Total Return (Unaudited)


                          Six months to 30 June 2003      Six months to 30 June 2002       Year to 31 December 2002

                          Revenue    Capital     Total   Revenue   Capital      Total    Revenue    Capital      Total
                            £'000      £'000     £'000     £'000     £'000      £'000      £'000      £'000      £'000


Realised (losses)/gains         -    (5,951)   (5,951)         -     2,498      2,498          -   (35,217)   (35,217)
on investments
Net change in                   -     19,581    19,581         -  (41,368)   (41,368)          -   (70,042)   (70,042)
unrealised appreciation
Other capital charges           -        (5)       (5)         -       (2)        (2)          -       (14)       (14)
Franked investment          6,412          -     6,412     6,602         -      6,602     11,618          -     11,618
income
Scrip dividends               250          -       250       245         -        245        245          -        245
Deposit interest              184          -       184        66         -         66        217          -        217
Stock lending fees              9          -         9         3         -          3         10          -         10
                          _______   ________   _______    ______   _______   ________    _______    _______    _______

Gross return                6,855     13,625    20,480     6,916  (38,872)   (31,956)     12,090  (105,273)   (93,183)

Management fee              (346)      (641)     (987)     (521)     (967)    (1,488)      (936)    (1,740)    (2,676)

Other administrative        (133)          -     (133)     (166)         -      (166)      (315)          -      (315)
expenses

Interest payable            (791)    (1,469)   (2,260)     (978)   (1,815)    (2,793)    (1,858)    (3,450)    (5,308)

                          _______    _______   _______    ______   _______    _______    _______    _______    _______

Return before taxation      5,585     11,515    17,100     5,251  (41,654)   (36,403)      8,981  (110,463)  (101,482)

Taxation                        -          -         -      (13)        13          -       (43)         43          -

                           ______    _______   _______    ______   _______     ______    _______    _______    _______

Total return                5,585     11,515    17,100     5,238  (41,641)   (36,403)      8,938  (110,420)  (101,482)
attributable to
ordinary shareholders

Dividends on ordinary     (3,614)          -   (3,614)   (3,839)         -    (3,839)    (8,054)          -    (8,054)
shares

                           ______    _______   _______    ______   _______     ______    _______    _______    _______

Transfer to/(from)          1,971     11,515    13,486     1,399  (41,641)   (40,242)        884  (110,420)  (109,536)
reserves

Return per ordinary         6.95p     14.33p    21.28p     6.29p  (49.98)p   (43.69)p     10.73p  (132.52)p  (121.79)p
share

Dividends per ordinary      4.80p                          4.60p                           9.65p
share


JPMorgan Fleming Claverhouse Investment Trust plc
Unaudited figures for the period ended 30 June 2003


BALANCE SHEET                                                            30 June         30 June     31 December
                                                                            2003            2002            2002
                                                                           £'000           £'000           £'000

Investments at valuation                                                 285,197         380,217         298,625


Net current assets/(liabilities)                                             884         (8,560)           3,773

Creditors (amounts falling due after more than one year)                (51,806)        (59,221)        (59,255)
                                                                         _______         _______         _______
Total net assets                                                         234,275         312,436         243,143
                                                                           =====           =====           =====
Net asset value per share                                                 310.8p          374.4p          291.4p

CASH FLOW STATEMENT                                                      30 June         30 June     31 December
                                                                            2003            2002            2002
                                                                           £'000           £'000           £'000

Net cash inflow from operating activities                                  5,246           4,843           8,861

Net cash outflow from returns on investments and servicing
of finance                                                               (2,210)         (2,009)         (5,314)

Net cash inflow from capital expenditure and financial
investment                                                                27,227           1,362          17,882

Total equity dividends paid on ordinary shares                           (4,109)         (3,999)         (7,838)

Net cash (outflow)/inflow from financing                                (29,555)           1,169         (8,831)
                                                                         _______         _______         _______
(Decrease)/Increase in cash for the period                               (3,401)           1,366           4,760
                                                                           =====           =====           =====









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 31 December 2002 have been delivered to the Registrar of Companies.





J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
10th September 2003






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