Exercise of Warrants

JP Morgan Fleming Asian Inv Tst PLC
02 March 2005


JPMORGAN FLEMING ASIAN INVESTMENT TRUST PLC

2nd March 2005

Exercise of Warrants

The Board of JP Morgan Fleming Asian Investment Trust plc (the 'Company')
announces that, following the final warrant exercise date on 28th February 2005,
5,512,647 new ordinary shares of £0.25 each were allotted with effect from 2nd
March 2005 as a result of the exercise of 5,512,647 warrants to subscribe for
ordinary shares at 100p per share.

Following the exercise detailed above, the total number of shares in issue less
the total number of shares held in treasury is 165,084,154 ordinary shares.  
Pursuant to the terms of the warrant particulars, a trustee has been appointed
in respect of the remaining 27,757,346 warrants.

Application has been made for 5,512,647 ordinary shares to be admitted to the
Official List in due course and dealings on the London Stock Exchange are
expected to commence on 10th March 2005.

For further details please contact:

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

END


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