Final Results

JP Morgan Fleming Asian Inv Tst PLC
22 November 2004

                          STOCK EXCHANGE ANNOUNCEMENT

                  JPMORGAN FLEMING ASIAN INVESTMENT TRUST PLC

                            PRELIMINARY ANNOUNCEMENT



22nd November 2004



The Company today announces its unaudited results for the year to 30th September
2004.



The Company's total return on net assets in sterling terms was +10.2% over the
year to 30th September 2004.  This compared to a total return of +8.4% from the
Company's benchmark, the Morgan Stanley Composite Asia Free Index ex-Japan in
sterling terms, over the same period.



Earnings per share for the year amounted to 1.00p and the Directors are
recommending an unchanged dividend payment of 1.05p per share for the year
payable on 18th February 2005 to shareholders on the register at the close of
business on 14th January 2005.









For further information:



Philip Jones.......................................................020 7742 6000
For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited



JPMorgan Fleming Asian Investment Trust plc
Figures for the year ended 30th September 2004


Statement of Total Return

                                          Year ended 30th September 2004       Year ended 30th September 2003

                                             Revenue Capital           Total    Revenue     Capital       Total

                                               £'000        £'000      £'000      £'000       £'000       £'000


Realised gains/(losses) on investments             -        5,486      5,486          -     (2,102)     (2,102)
Net unrealised gains on investments                -        9,657      9,657          -      33,751      33,751
Currency losses on cash and short-term
deposits held during the year                      -        (998)      (998)          -       (170)       (170)
Unrealised losses on short-term currency
contracts                                          -          (1)        (1)          -         (5)         (5)
Other capital charges                              -         (63)       (63)          -        (25)        (25)
Income from investments                        4,492            -      4,492      3,944           -       3,944
Other income                                     336            -        336         91           -          91
                                             _______     ________    _______    _______    ________     _______

Gross return                                   4,828       14,081     18,909      4,035      31,449      35,484
Management fee                               (1,148)            -    (1,148)      (875)           -       (875)
Other administrative expenses                  (574)            -      (574)      (435)           -       (435)
Interest payable                               (590)            -      (590)      (364)           -       (364)
                                             _______      _______    _______    _______     _______     _______

Return before taxation                         2,516       14,081     16,597      2,361      31,449      33,810
Taxation                                       (900)            -      (900)      (579)           -       (579)

                                             _______      _______    _______     ______     _______     _______

Total return attributable to ordinary          1,616       14,081     15,697      1,782      31,449      33,231
shareholders

Dividend payable on ordinary shares          (1,702)            -    (1,702)    (1,702)           -     (1,702)

                                              ______      _______    _______     ______     _______     _______

Transfer (from)/to reserves                     (86)       14,081     13,995         80      31,449      31,529
Return per ordinary share - undiluted          1.00p        8.69p      9.69p      1.10p      19.40p      20.50p
Return per ordinary share - diluted            1.00p        8.69p      9.69p      1.10p      19.40p      20.50p




JPMorgan Fleming Asian Investment Trust plc
Figures for the year ended 30th September 2004

BALANCE SHEET                                                          30th September   30th September
                                                                                 2004                2003
                                                                                £'000               £'000

Investments at valuation                                                      164,477             169,691
                                                                 
Net current assets                                                              1,798               2,583
                                                                   
Long term loans                                                                     -            (20,000)
                                                                           
Provisions for liabilities and charges                                          (129)               (127)

                                                                              _______             _______

Total net assets                                                              166,146             152,147
                                                                 
                                                                                =====               =====
                                                                 
Net asset value per ordinary share - undiluted                                 102.5p               93.9p
Net asset value per ordinary share - diluted                                   102.1p               93.9p



CASH FLOW STATEMENT
                                                                                 2004                2003
                                                                                £'000               £'000

Net cash inflow from operating activities                                       2,594               1,577

Net cash outflow from returns on investments and servicing of                   (619)               (382)
finance

Total taxation (paid)/recovered                                                  (84)                   3

Net cash inflow/(outflow) from capital expenditure and financial
investment                                                                     21,370            (17,825)
                                                                               
Equity dividends paid                                                         (1,702)               (810)

Net cash outflow from financing                                              (19,996)                   -

                                                                              _______             _______

Increase/(decrease) in cash for the year                                        1,563            (17,437)

                                                                                =====                ====


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
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
22nd November 2004


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