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JPMorgan Flem.Claver (JCH)

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Friday 27 August, 2004

JPMorgan Flem.Claver

Interim Results

JPMorgan Fleming Claverhouse IT PLC
27 August 2004




The Directors of JPMorgan Fleming Claverhouse Investment Trust plc announce the
Company's results for the six months ended 30th June 2004.


I am pleased to report that in the six months to 30th June 2004, the Company
produced a total return on net assets of 4.5% compared with a total return of
2.8% from the Company's benchmark, the FTSE All-Share Index.

Revenue and Dividends

Earnings per share for the six months to 30th June 2004 were 5.74p, which
compares with 6.95p for the corresponding period last year.

The Directors have already declared two quarterly dividends of 2.50p each for
the current financial year. It is the Directors' intention to pay three
quarterly dividends of 2.50p each and at least maintain the fourth quarterly
dividend of 3.00p.

Future Strategy

The Board has, together with its advisers, recently conducted a thorough review
of the Company's strategy and, in particular, considered the balance of
contributions to returns to shareholders from the investment portfolio, gearing
and discount management.

As a consequence of this review, and in light of the investment managers'
continued underlying positive contribution to returns, the Board has decided to
increase the risk allowed by the investment managers. This will result in a
slightly more concentrated portfolio with fewer holdings. The Board also agreed
that an actual gearing range of 110-115% remains appropriate, but that greater
flexibility within the structure of this gearing was desirable. Accordingly, on
23rd July 2004 proposals were announced to repay the Company's £15 million 11
per cent 2008 debenture stock in order to reduce the amount of the Company's
debt which cannot be repaid and redrawn flexibly.

Following the repayment on 19th August 2004, the Board expects to use flexible
bank facilities in order to achieve its gearing strategy. The repayment meant
that the Company's NAV at par value was reduced by £3,288,928 which equates to
4.56p per share (NAV at fair value was reduced by £451,813 which equates to
0.63p per share). Had the debenture remained in existence until its maturity
date, further interest of £6,558,447 would have been payable. The Board
reiterates its view that gearing is one of the key advantages that an investment
trust has over other collective investment vehicles and that over the long-term
it will enhance investment returns.

With regard to discount management, the Company maintains an active buy-back
programme and has repurchased a total of 1,135,000 shares at an average discount
of 6.07% since renewing its authority on 29th April 2004. For the full six
months to 30th June 2004, 1,725,000 shares were repurchased at an average
discount of 6.16%.

Robert Walther

                                  27th August 2004

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 2004

Statement of Total Return (Unaudited)

                           Six months to 30 June 2004       Six months to 30 June 2003       Year to 31 December 2003
                          Revenue    Capital     Total   Revenue   Capital      Total    Revenue    Capital      Total
                            £'000      £'000     £'000     £'000     £'000      £'000      £'000      £'000      £'000

Realised (losses)/gains
on investments                  -    (1,183)   (1,183)         -   (5,951)    (5,951)          -      7,776      7,776
Net unrealised gains on
investments                     -      9,898     9,898         -    19,581     19,581          -     42,236     42,236
Other capital charges           -        (2)       (2)         -       (5)        (5)          -        (8)        (8)
UK  dividend income         5,255          -     5,255     6,412         -      6,412     10,718          -     10,718
Scrip dividends                40          -        40       250         -        250        250          -        250
Deposit interest              180          -       180       184         -        184        284          -        284
Stock lending fees              4          -         4         9         -          9         14          -         14
                          _______   ________   _______    ______   _______   ________    _______    _______    _______

Gross return                5,479      8,713    14,192     6,855    13,625     20,480     11,266     50,004     61,270

Management fee              (378)      (703)   (1,081)     (346)     (641)      (987)      (701)    (1,302)    (2,003)

Other administrative
expenses                    (146)          -     (146)     (133)         -      (133)      (329)          -      (329)
Interest payable            (725)    (1,347)   (2,072)     (791)   (1,469)    (2,260)    (1,515)    (2,813)    (4,328)

                          _______    _______   _______    ______   _______    _______    _______    _______    _______

Return before taxation      4,230      6,663    10,893     5,585    11,515     17,100      8,721     45,889     54,610

Taxation                        -          -         -         -         -          -          -          -          -

                           ______    _______   _______    ______   _______     ______    _______    _______    _______

Total return
attributable to
ordinary shareholders       4,230      6,663    10,893     5,585    11,515     17,100      8,721     45,889     54,610

Dividends on ordinary
shares                     (3,641)          -   (3,641)   (3,614)         -    (3,614)    (7,635)          -    (7,635)
                           ______    _______   _______    ______   _______     ______    _______    _______    _______

Transfer to reserves          589      6,663     7,252     1,971    11,515     13,486      1,086     45,889     46,975

Return per ordinary         5.74p      9.05p    14.79p     6.95p    14.33p     21.28p     11.25p     59.19p     70.44p

Dividends per ordinary
share                       5.00p                5.00p     4.80p                4.80p     10.20p                10.20p
JPMorgan Fleming Claverhouse Investment Trust plc

Unaudited figures for the period ended 30 June 2004

BALANCE SHEET                                                            30 June         30 June     31 December
                                                                            2004            2003            2003
                                                                           £'000           £'000           £'000

Investments at valuation                                                 304,059         285,197         310,374

Net current assets                                                         6,011             884           5,824

Creditors (amounts falling due after more than one year)                (44,365)        (51,806)        (51,828)
                                                                         _______         _______         _______
Total net assets                                                         265,705         234,275         264,370
                                                                           =====           =====           =====
Net asset value per share                                                 366.1p          310.8p          355.8p

CASH FLOW STATEMENT                                                      30 June         30 June     31 December
                                                                            2004            2003            2003
                                                                           £'000           £'000           £'000

Net cash inflow from operating activities                                  3,964           5,246           8,647

Net cash outflow from returns on investments and servicing
of finance                                                               (3,031)         (2,210)         (3,259)

Net cash inflow from capital expenditure and financial
investment                                                                14,573          27,227          38,428

Total equity dividends paid on ordinary shares                           (4,056)         (4,109)         (7,701)

Net cash outflow from financing                                         (13,295)        (29,555)        (33,248)
                                                                         _______         _______         _______
(Decrease)/increase in cash for the period                               (1,845)         (3,401)           2,867
                                                                           =====           =====           =====

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 2003 have been delivered to the Registrar of Companies.


27th August 2004

                      This information is provided by RNS
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