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JP Morgan Fleming (JMO)

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Wednesday 10 March, 2004

JP Morgan Fleming

Interim Results

JPMorgan Fleming Overseas IT PLC
10 March 2004



                          STOCK EXCHANGE ANNOUNCEMENT

               JPMORGAN FLEMING OVERSEAS INVESTMENT TRUST PLC

                          UNAUDITED INTERIM RESULTS



The Directors of JPMorgan Fleming Overseas Investment Trust plc announce the
Company's unaudited results for the period ended 31st December 2003.



The Company's performance over the six months to 31st December 2003 was a
welcome improvement over that of previous accounting periods and reflected a
significant turnaround in world stockmarkets. I am pleased to report a total
return to shareholders of +13.7% and a return on net assets of +12.3%. These
were both well ahead of the benchmark which itself rose +10.4%.

This outperformance can be attributed in part to the Company's more flexible
gearing arrangements that are now in place and operating very effectively. This
factor should prove an important contributor to the Company's performance
throughout all stages of the cycle.

The Board continues to monitor the level of discount both in absolute terms and
against a peer group of investment trusts. In accordance with guidelines set by
the Board, the Company's stockbroker is authorised to buy in shares. This
facility has been used on two occasions since the end of the reporting period.

The record consumer credit levels fuelled by continuing low interest rates in
the US are a concern. Given the Company's high exposure to the US markets, these
factors, when coupled with a weak dollar, will inevitably present challenges for
the investment managers. However, in this election year, a number of
shorter-term fiscal stimuli can be expected from the incumbent administration
and it is likely that these should soften any adverse reaction that might
otherwise occur.



George Paul
Chairman        10th March 2004







For further information please contact:



Philip Jones
J.P. Morgan Fleming Asset Management (UK) Limited - Secretary
Telephone: 020 7742 6000



JP Morgan  Fleming Overseas Investment Trust plc
Unaudited figures for the six months ended 31 December 2003
Statement of Total Return (Unaudited)
                         Six months to 31 December 2003  Six months to 31 December 2002       Year to 30 June 2003
                          Revenue     Capital     Total   Revenue   Capital       Total   Revenue    Capital     Total
                            £'000       £'000     £'000     £'000     £'000       £'000     £'000      £'000     £'000

Realised gain /
(losses) on investments         -       5,479     5,479         -  (10,379)    (10,379)         -        185       185
Net change in
unrealised losses               -      26,380    26,380         -  (53,564)    (53,564)         -   (44,595)  (44,595)
Currency (losses) /
gains on cash and
short-term
deposits                        -        (28)      (28)         -       226         226         -      (173)     (173)
Unrealised gain on
currency hedge                  -           -         -         -       343         343         -          -         -
Realised gains on
currency hedge                  -           -         -         -         -           -         -        769       769
Other capital charges           -        (39)      (39)         -      (41)        (41)         -       (66)      (66)
UK income                     518           -       518       299         -         299     1,219          -     1,219
Unfranked income            2,349           -     2,349     2,837         -       2,837     6,397          -     6,397
Deposit interest              158           -       158       453         -         453       635          -       635
Stock lending fees              8           -         8         2         -           2         -          -         -
                          _______    ________   _______    ______   _______    ________   _______    _______   _______

Gross return                3,033      31,792    34,825     3,591  (63,415)    (59,824)     8,251   (43,880)  (35,629)
Management fee              (342)       (342)     (684)     (397)     (397)       (794)     (716)      (716)   (1,432)
Other administrative
expenses                    (301)           -     (301)     (264)         -       (264)     (529)          -     (529)
Performance fee                 -         611       611         -       962         962         -        980       980
Interest payable            (160)       (160)     (320)     (958)     (958)     (1,916)   (1,363)    (1,363)   (2,726)
                          _______     _______   _______    ______   _______     _______   _______    _______   _______

Return before taxation      2,230      31,901    34,131     1,972  (63,808)    (61,836)     5,643   (44,979)  (39,336)
Taxation                    (278)           -     (278)     (307)        64       (243)   (1,796)        886     (910)
                           ______     _______   _______    ______   _______      ______   _______    _______   _______

Total return
attributable to
ordinary shareholders       1,952      31,901    33,853     1,665  (63,744)    (62,079)     3,847   (44,093)  (40,246)
Dividend (s) payable on
ordinary shares                 -           -         -         -         -           -   (3,547)          -   (3,547)
                           ______     _______   _______    ______   _______     _______    ______    _______   _______
                                                           
Transfer to/ (from)
reserves                    1,952      31,901    33,853     1,665  (63,744)    (62,079)       300   (44,093)  (43,793)

Return per ordinary         
share                       2.75p      44.97p    47.72p     2.35p  (89.87)p    (87.52)p     5.42p   (62.16)p  (56.74)p

Dividend (s) per
ordinary share                  -                               -                           5.00p


JP Morgan Fleming Overseas Investment Trust plc
Unaudited figures for the six months ended 31 December 2003


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

Investments at valuation                                                 343,643         330,958         326,986

Net current assets                                                         8,954             189           2,369

Creditors (amounts falling due after more than one year)                (10,200)        (40,091)        (20,200)

Provisions for liabilities and charges                                   (2,595)         (3,393)         (3,206)
                                                                         _______         _______         _______
Total net assets                                                         339,802         287,663         305,949
                                                                         =======         =======         =======
Net asset value per ordinary share                                        479.1p          405.6p          431.3p


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

Net cash (outflow) / inflow from operating activities                    (1,095)             900           4,197

Net cash outflow from returns on investments and servicing
of finance                                                                 (407)         (4,873)         (2,639)

Total tax recovered                                                            -               -             358

Net cash inflow from capital expenditure and financial
investment                                                                17,566          16,455          39,909

Total equity dividends paid                                              (3,457)         (2,980)         (2,979)

Net cash outflow from financing                                         (10,000)               -        (59,758)
                                                                         _______          ______          ______
Increase / (decrease)  in cash for the period                              2,517           9,502        (20,912)
                                                                         =======          ======          ======




The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the year ended 30th June
2003. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.




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






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