Exercise of Warrants

JP Morgan Fleming Asian Inv Tst PLC
16 February 2004





                          STOCK EXCHANGE ANNOUNCEMENT



                  JPMORGAN FLEMING ASIAN INVESTMENT TRUST PLC



                              EXERCISE OF WARRANTS







The Board of JPMorgan Fleming Asian Investment Trust plc (the 'Company')
announces that 129 new ordinary shares of £0.25 each were allotted with effect
from 5th February 2004 as a result of the exercise of 129 warrants to subscribe
for ordinary shares at 100p per share.  The total issued share capital has
therefore increased to 162,083,144 ordinary shares.



16th February 2004



For further information:



Philip  Jones...................              020 7742 6000

For and on behalf of

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








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