Final Results

JP Morgan Fleming Asian Inv Tst PLC 18 November 2002 JPMorgan Fleming Asian Investment Trust plc Stock Exchange Announcement 18th November 2002 The Board of the Company today released details of the unaudited results of the Company for the year ended 30th September 2002 as follows: Performance The year has been characterised by considerable volatility in world stock markets, though thankfully Asian equities managed to outperform the rest of the world. This is illustrated by the fact that in the year to 30th September 2002, the Company's benchmark, the Morgan Stanley Composite Asia Free Index ex-Japan (in sterling terms) rose by 6.7% while there was a 24.2% decline in the MSCI World Index in sterling terms. In the same period your Company's net asset value per ordinary share only rose by a modest 0.5%. Disappointment at this performance is tempered by the impact of the welcome narrowing of the discount on net asset value, which resulted in the share price increasing considerably more, by a substantial 12.3%. Gearing At the end of the year the Company had access to two loan facilities that enabled the investment manager to borrow up to £30 million. These facilities have been available to the investment manager since 1999 and, if fully utilised, would have enabled the Company to be 17% geared. At the year-end, the Company was only marginally geared at 1%. Over the year the average gearing of the Company portfolio was 4.8%. The Board sets guidelines on the extent that the gearing can be used and these currently restrict such use to 15% of total net assets. The Board continues to believe that, over the longer term, strategic gearing will benefit shareholders. However, over the current year gearing had a detrimental impact on returns. Revenue and Dividends With revenue per share for the year of 0.51p, the Directors are recommending a final dividend of 0.50p (2001:nil) which, if approved by shareholders, will be payable on 19th February 2003 to shareholders on the register at the close of business on 17th January 2003. The Company is required to make a dividend payment in order to retain its investment trust status. Directors Alexander Scott has decided, due to other business commitments, to step down as a Director of the Company with effect from 31st December 2002. Alex has been a Director of the Company since its launch in 1997 and the Board has greatly appreciated the knowledge and enquiring mind he has brought to their deliberations. I have also decided to step down as a Director of the Company, and hence as Chairman, and intend to do so at the conclusion of this year's Annual General Meeting. An announcement as to the new Chairman will be made in due course. The Board will also be considering whether to appoint any new Directors to replace myself and Alex Scott. Share Repurchases At last year's Annual General Meeting, shareholders once again renewed the general authority for the Company to repurchase up to 14.99% of its issued shares for cancellation. During the year 1,500,000 ordinary shares were repurchased at a discount of 15% and at a cost of £1.2m. This reduced the issued share capital by just less than 1% and had the effect of enhancing the net asset value of the remaining shares by 0.14%. The Board will continue to use this authority as and when appropriate, and is seeking approval from shareholders to renew the facility at the forthcoming Annual General Meeting. Share Issues Over recent months the Company's share price has been trading closer to net asset value. The Board believes that should the situation arise where there is a consistent healthy premium, it could be in the interests of shareholders for the Company to issue new shares. As such issues would only be made at prices above net asset value, this would result in enhancement of the Company's net asset value per share, and would therefore be to the benefit of existing shareholders. A resolution proposing that the Directors be authorised to effect such issues will be proposed at the forthcoming Annual General Meeting. Annual General Meeting This year's Annual General Meeting will be held at the offices of JPMorgan Fleming at 10 Aldermanbury, London, EC2V 7RF on 12th February at 2.00 pm. As in previous years, in addition to the formal proceedings, there will be a presentation by Charlotte Yew, the investment manager, who will also be available to meet shareholders and respond to questions on the Company's portfolio. Outlook Asia's relative out performance should continue to be supported by some very positive trends. Companies have generally reduced borrowings, delivered rising returns on equity, increased management accountability and improved corporate governance. Against this, however, is a less positive global environment for equities. Growth in other parts of the world remains sluggish, and valuations particularly in the USA look stretched. In the short to medium term, absolute performance is likely to be difficult to achieve. Sir Hamish Macleod Chairman 18th November 2002 JPMorgan Fleming Asian Investment Trust plc Figures for the year ended 30th September 2002 Statement of Total Return Year ended 30th September 2002 Year ended 30th September 2001 * Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Realised gains/(losses)on investments - 19,925 19,925 - (27,494) (27,494) Net change in unrealised depreciation - (18,277) (18,277) - (34,420) (34,420) Currency losses on cash and short-term deposits held during the year - (999) (999) - (942) (942) Unrealised gain on currency hedge - - - - 127 127 Realised gain on currency hedge - 149 149 - - - Other capital charges - (39) (39) - - - Income from Investments 3,263 - 3,263 2,825 - 2,825 Other Income 208 - 208 880 - 880 _______ ________ _______ ______ _______ ________ Gross return 3,471 759 4,230 3,705 (62,729) (59,024) Management fee (1,115) - (1,115) (1,212) - (1,212) Other administrative expenses (431) - (431) (361) - (361) Interest payable (718) - (718) (1,558) - (1,558) _______ _______ _______ ______ _______ _______ Return before taxation 1,207 759 1,966 574 (62,729) (62,155) Taxation (376) - (376) 33 - 33 _______ _______ _______ ______ _______ _______ Total return attributable to ordinary shareholders 831 759 1,590 607 (62,729) (62,122) Dividends payable on ordinary shares (810) - (810) - - - ______ _______ _______ ______ _______ ______ Transfer to reserves 21 759 780 607 (62,729) (62,122) Return per ordinary income share 0.51p 0.47p 0.98p 0.37p (38.34)p (37.97)p JPMorgan Fleming Asian Investment Trust plc Figures for the year ended 30th September 2002 BALANCE SHEET 30th September 30th September 2002 2001 Fixed assets £'000 £'000 Investments at valuation 121,233 110,451 Net current (liabilities)/assets (615) 10,626 Total net assets 120,618 121,077 ======= ======= Net asset value per ordinary income share 74.4p 74.0p CASH FLOW STATEMENT 2002 2001 £'000 £'000 Net cash inflow from operating activities 1,516 1,842 Net cash outflow from returns on investments and servicing of finance (671) (2,075) Total taxation recovered/(paid) 228 (12) Net cash (outflow)/inflow from capital expenditure and financial investment (10,850) 23,259 Net cash inflow/(outflow) from financing 18,761 (30,031) _______ ________ Increase/(decrease) in cash for the year 8,984 (7,017) ======= ======= 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 September 2001. 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 18th November 2002 This information is provided by RNS The company news service from the London Stock Exchange

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