Final Results

JPMorgan Asian Investment Tst PLC
28 November 2006

                          STOCK EXCHANGE ANNOUNCEMENT

                      JPMORGAN ASIAN INVESTMENT TRUST PLC

                            PRELIMINARY ANNOUNCEMENT


28th November 2006

The Company today announces its unaudited results for the year to 30th September
2006.

The Company's total return on net assets in sterling terms was +14.7% over the
year to 30th September 2006.  This compared to a total return of +16.2% 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 1.27p and the Directors are
recommending a dividend payment of 1.25p per share for the year payable on 16th
February 2007 to shareholders on the register at the close of business on 12th
January 2007.

For further information:

Philip Jones.......................................... 020 7742 6000
For and on behalf of
JPMorgan Asset Management (UK) Limited


JPMorgan Asian Investment Trust plc
Unaudited figures for the year ended 30th September 2006

Income Statement

                                                                                              2005
                                                           2006                            (Restated)
                                               Revenue     Capital       Total    Revenue     Capital       Total
                                                return      return      return     return      return      return
                                                 £'000       £'000       £'000      £'000       £'000       £'000
Gains from investments held at fair value
              through profit or loss                 -      25,657      25,657          -      49,578      49,578
Net foreign currency gains                           -         753         753          -          48          48
Income from investments                          5,460           -       5,460      6,051           -       6,051
Other interest receivable and similar              180           -         180        209           -         209
income
                                               _______    ________     _______    _______    ________     _______

Gross revenue and capital gains                  5,640      26,410      32,050      6,260      49,626      55,886
Management fee                                 (1,601)           -     (1,601)    (1,262)           -     (1,262)
Other administrative expenses                    (637)           -       (637)      (613)           -       (613)
                                               _______    ________     _______    _______    ________     _______

Net return on ordinary activities before
finance costs and taxation                       3,402      26,410      29,812      4,385      49,626      54,011
Finance costs                                    (852)           -       (852)      (285)           -       (285)
                                               _______     _______     _______    _______     _______     _______
Net return on ordinary activities before
  taxation                                       2,550      26,410      28,960      4,100      49,626      53,276
Taxation                                         (474)           -       (474)    (1,270)           -     (1,270)
                                               _______     _______     _______    _______     _______     _______
Net return on ordinary activities after
taxation                                         2,076      26,410      28,486      2,830      49,626      52,456
                                               _______     _______     _______    _______     _______     _______

Return per share (basic and diluted)             1.27p      16.17p      17.44p      1.74p      30.50p      32.24p


All revenue return and capital return items in the above statement derive from
continuing operation. No operations were acquired or discontinued in the year.


JPMorgan Asian Investment Trust plc
Unaudited figures for the year ended 30th September 2006

Reconciliation of Movements in Shareholders' Funds

                               Called up           Exercised              Capital
                                   share     Share   Warrant   Warrant redemption     Other    Capital   Revenue
                                 capital   premium   reserve   reserve    reserve   reserve    reserve   reserve   Total
                                    £'000     £'000     £'000     £'000      £'000     £'000     £'000     £'000   £'000

At 30th September 2004 (as        
restated)                         40,522        26         4     5,868      1,111   115,856     2,414     2,047  167,848
Repurchase of shares into              
treasury                               -         -         -         -          -   (4,384)         -         -  (4,384)
Sale of shares from treasury           -       186         -         -          -       991         -         -    1,177
Exercise of warrants               1,378     4,135         -         -          -         -         -         -    5,513
Realised premium on exercise
of warrants                            -         -       973     (973)          -         -         -         -        -
Transfer of warrant reserve on
lapse of warrants                      -         -         -   (4,895)          -         -     4,895         -        -
Total return from ordinary             
activities                             -         -         -         -          -         -    49,626     2,830   52,456
Dividends appropriated in the         
year                                   -         -         -         -          -         -         -   (1,702)  (1,702)

At 30th September 2005 (as        
restated)                         41,900     4,347       977         -      1,111   112,463    56,935     3,175  220,908
Adjustment to opening
shareholders' funds at 1st
October 2005 to reflect the
adoption of bid prices                 -         -         -         -          -         -     (680)         -    (680)
Repurchase of shares for           
cancellation                       (686)         -         -         -        686   (3,561)         -         -  (3,561)
Cancellation of shares held in     
treasury                           (850)         -         -         -        850         -         -         -        -
Total return from ordinary             
activities                             -         -         -         -          -         -    26,410     2,076   28,486
Dividends appropriated in the          
year                                   -         -         -         -          -         -         -   (2,873)  (2,873)

At 30th September 2006            40,364     4,347       977         -      2,647   108,902    82,665     2,378  242,280



JPMorgan Asian Investment Trust plc
Unaudited figures for the year ended 30th September 2006

Balance Sheet
                                                                                                      2005
                                                                                     2006        (Restated)
                                                                                    £'000            £'000
Fixed assets
Investments at fair value through profit or loss                                  252,742          213,691

Current assets
Debtors                                                                               490            3,736

Cash at bank and in hand                                                            1,386           11,163

                                                                                    1,876           14,899

Creditors: amounts falling due within one year                                      (255)          (7,636)
Net current assets                                                                  1,621            7,263

Total assets less current liabilities                                             254,363          220,954

Creditors: amounts falling due after more than one year
Bank loans                                                                       (12,045)                -

Provisions for liabilities and charges
Deferred tax                                                                         (38)             (46)
Total net assets                                                                  242,280          220,908

Capital and reserves
Called up share capital                                                            40,364           41,900
Share premium account                                                               4,347            4,347
Exercised warrant reserve                                                             977              977
Capital redemption reserve                                                          2,647            1,111
Other reserve                                                                     108,902          112,463
Capital reserve                                                                    82,665           56,935
Revenue reserve                                                                     2,378            3,175

Ordinary shareholders' funds - equity                                             242,280          220,908

Net asset value per share                                                          150.1p           134.5p


JPMorgan Asian Investment Trust plc
Unaudited figures for the year ended 30th September 2006

Cash Flow Statement
For the year ended 30th September 2006                                               2006             2005
                                                                                    £'000            £'000

Net cash inflow from operating activities                                           2,619            3,517

Returns on investments and services of finance
Interest paid                                                                       (831)            (281)

Taxation paid                                                                       (305)            (934)

Capital expenditure and financial investment
Purchases of investments                                                        (277,368)        (142,028)
Sales of investments                                                              259,748          147,545
Other capital charges                                                                (23)             (24)

Net cash (outflow) / inflow from capital expenditure and financial               (17,643)            5,493
investment

Dividends paid                                                                    (2,873)          (1,702)

Net cash (outflow) / inflow before financing                                     (19,033)            6,093

Financing
Issue of ordinary shares upon exercise of warrants                                      -            5,513
Repurchase of shares into treasury                                                      -          (4,384)
Sale of shares from treasury                                                            -            1,177
Repurchase of ordinary shares for cancellation                                    (3,561)                -
Bank loan drawn down                                                               12,823                -
Net cash inflow from financing                                                      9,262            2,306

(Decrease) / increase in cash for the year                                        (9,771)            8,399




Notes

1. Accounting policies

The Company has adopted certain new accounting policies following the issue of
new financial reporting standards (FRSs) and the Statement of Recommended
Practice 'Financial Statements of Investment Trust Companies' as issued by the
AITC in December 2005. The material changes to the accounts are as follows:

Investments are designated as held at fair value through profit or loss in
accordance with FRS 26: 'Financial Instruments: Measurement'. Listed investments
are valued at bid market prices. This represents a change in accounting policy,
however in accordance with the exemption conferred by paragraph 108D of FRS26,
comparatives have not been restated. In prior years, listed investments were
valued using last trade prices. The adoption of bid prices on 1st October 2005
decreased the value of investments by £680,000.

In accordance with FRS21 'Events after the Balance Sheet date', final dividends
declared but not approved are not accrued in the accounts, since their payment
only becomes certain once shareholder approval has been obtained. Comparative
figures have been restated and this has led to an increase in net assets of
£2,873,000 at 30th September 2005

2.  Dividends

                                                                                             2006         2005
                                                                                            £'000        £'000
                                                                                       ----------    ---------
2005 final dividend paid of 1.75p 2005 (2004: 1.05p)                                        2,873        1,702
                                                                                            =====        =====
2006 final dividend payable of 1.25p (2005: 1.75p)                                          2,018        2,873


The final dividend has been proposed in respect of the year ended 30th September
2006 and is subject to approval at the forthcoming Annual General Meeting. In
accordance with the revised accounting policy of the Company, this dividend will
be reflected in the accounts for the year ended 30th September 2007.

3. Comparative figures

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is an extract from the statutory accounts for the year ended 30th
September 2005 (as restated). Those accounts, upon which the auditors issued an
unqualified opinion, have been delivered to the Registrar of Companies.

JPMORGAN ASSET MANAGEMENT (UK) LIMITED




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