Interim Results

JP Morgan Fleming Asian Inv Tst PLC
23 June 2003



                          STOCK EXCHANGE ANNOUNCEMENT

                  JPMORGAN FLEMING ASIAN INVESTMENT TRUST PLC

                                INTERIM RESULTS


Performance

This is my first statement since becoming Chairman and it is therefore
disappointing to have to report that, for the six months to 31st March 2003, the
total return on the Company's diluted net assets declined by 5.3%, a performance
slightly below the benchmark's total return of -4.7%.

Whilst it is always disappointing to report a negative return and
underperformance against the benchmark, this was a rather unusual period, which
embraced the lead up to the war in Iraq, the North Korean nuclear threat, credit
card industry problems in South Korea and the outbreak of the Severe Acute
Respiratory Syndrome (SARS) virus in Asia. As our Investment Manager, Charlotte
Yew, explains below, the effect of these factors on the Asian equity markets was
difficult to call. The Company's investment strategy is not merely to track the
benchmark index. Rather, we seek to outperform it by active strategic allocation
decisions and through individual stock selection. The slight lag against the
benchmark in the period should therefore be viewed in the context of our
actively driving for outperformance at a time of pronounced market uncertainty.

The total return to shareholders was a fall of 11.4% reflecting an increase in
the discount from 7.9% to 13.9%.

Since 31st March 2003 there has been an improvement in that, at the time of
writing, the Company's diluted net asset value per share has increased by 13.0%
to 79.1p and the ordinary share price by 18.2% to 71.3p, reflecting the
reduction in the discount at which the shares trade to 9.9%. The benchmark index
over the same period has returned 13.1%.

Directors

As was explained in the last Annual Report & Accounts, both Sir Hamish Macleod
and Alex Scott retired as Directors during the period and I would like to record
my thanks to them for their service to the Company over their years on the
Board.

Share Issues and Buybacks

Although shareholders gave Directors the power to issue and buy back shares at
the Annual General Meeting in February, suitable opportunities to do so have not
arisen. The Board will use these authorities as and when appropriate.

Gearing

The Company has a £20m revolving bank facility, which expires in December 2007.
This facility was not used in the period but it remains available to the
Investment Manager to utilise up to the maximum gearing level set by the Board
of 115%. The Board continues to monitor gearing closely, as it represents a key
resource to enable the Investment Manager to achieve outperformance.

Outlook

Charlotte Yew assesses the outlook for the Asian markets in her Review below.
Markets should prove more buoyant over the next few months but, as Charlotte
explains, longer term concerns persist. The Board remains confident, however,
both of Asia's potential for growth and relative global equity market
outperformance and also in the Investment Manager's ability to capture that
growth for the benefit of our shareholders.



James Long TD

Chairman            19th June 2003



Market Review

As mentioned by the Chairman, there were several events that led to the
disappointing performance of Asian markets in the half year and I would like to
comment on each of these.

The anticipation of the Iraq war was more damaging to markets than the actual
event itself. The uncertainty related to shifts in geopolitical power and the
potential cost associated with the war made investors risk averse. Whilst
markets started to rally when the war started, uncertainty covered much of the
period under review.

Capitalising on the tense environment during this period were the North Koreans.
The nuclear threat was not dissimilar to the negotiating tactics used by them in
previous diplomatic crises. However, the verbal cross fire was sufficient to
keep investors away from the Korean market.

On top of this, South Korea had its own domestic problems relating to the credit
card companies. A mixture of rising delinquencies, the SK Global fraud and a
lack of rollover funding caused the financial sector to be particularly weak.

The most worrying development by far was the outbreak of the SARS virus in Asia.
Unlike the Iraq war, which was largely a psychological impact, the SARS virus
had a very direct and debilitating impact on the economy. Many businesses slowed
to a trickle, and with them, the earnings estimates we were using for expected
market performance.

The past six months have been fraught with negative news. There were, however, a
few bright spots such as Thailand, where domestic consumption gained momentum,
and Indonesia, where interest rates and inflation continued to fall. China
enjoyed a relatively strong performance as it has been the major source of
growth for the region and indeed the world.

Performance

It was disappointing that the Company underperformed the benchmark by 0.6%. This
came mainly in the fourth quarter of 2002 with the portfolio's overweight
exposure to Korea, and in particular, holdings in Kookmin Bank and SK Telecom.

A key focus in the portfolio was the China growth theme which resulted in a
positive contribution from Hong Kong and China but this was, however, negated by
poorer stock selection in Taiwan.

Outlook

The most crucial factors for Asian equity markets in the near term will be the
ongoing reaction towards the SARS virus, and government policy towards slow
global economic growth.

The Chinese government's handling of the SARS crisis was initially worrying, but
their turnabout in addressing the spread of the disease is encouraging. This
should instill some confidence and keep foreign investors investing in China.

The US government's policy to weaken their currency is a significant recent
development for Asia. To prevent a strengthening of their currencies versus the
US dollar, Asian governments in response have tended to cut interest rates. This
results in higher liquidity and potentially stimulates growth. In the short
term, therefore,  markets will enjoy this liquidity driven rise in markets.

In the long term, however, equities may once again become unattractive if the
threat of deflation returns. Another cap on markets is the high valuation of the
US market. The key lies in whether or not the Asian governments' reflationary
efforts stimulate sufficient growth to overcome these negatives.

Charlotte Yew                    19th June 2003




JPMorgan Fleming Asian Investment Trust plc
Unaudited figures for the six months ended 31st March 2003

Statement of Total Return (Unaudited)

                      Six months to 31st March 2003     Six months to 31st March 2002  Year to 30th September 2002
                         Revenue    Capital       Total   Revenue   Capital      Total    Revenue  Capital    Total
                           £'000      £'000       £'000     £'000     £'000      £'000      £'000    £'000    £'000

Realised (losses)/
gains on investments           -    (5,037)     (5,037)         -    12,722     12,722          -   19,925   19,925

Net change in
unrealised losses              -    (2,323)     (2,323)         -    43,926     43,926          - (18,277) (18,277)

Currency  losses on
cash and short term                                            
deposits held during           
the period                     -       (72)        (72)         -     (121)      (121)          -    (999)    (999)

Realised gain on               
currency hedge                 -          -           -         -         -          -          -      149      149

Other capital charges          -        (7)         (7)         -      (25)       (25)          -     (39)     (39)

Franked Investment             
income                         -          -           -         -         -          -         42        -       42

Overseas dividends         1,178          -       1,178     1,239         -      1,239      2,951        -    2,951

Scrip dividends                -          -           -         -         -          -        270        -      270

Deposit interest              28          -          28        95         -         95        195        -      195

Stock lending fees            12          -          12         1         -          1         13        -       13
                         _______   ________     _______    ______   _______   ________    _______  _______  _______

Gross return               1,218    (7,439)     (6,221)     1,335    56,502     57,837      3,471      759    4,230

Management fee             (420)          -       (420)     (517)         -      (517)    (1,115)        -  (1,115)

Other administrative
expenses                   (230)          -       (230)     (163)         -      (163)      (431)        -    (431)

Interest payable            (95)          -        (95)     (300)         -      (300)      (718)        -    (718)
                         _______    _______     _______    ______   _______    _______    _______  _______  _______

Return before                
taxation                     473    (7,439)     (6,966)       355    56,502     56,857      1,207      759    1,966

Taxation                   (143)          -       (143)      (61)         -       (61)      (376)        -    (376)
                          ______    _______     _______    ______   _______     ______    _______  _______  _______

Return attributable
to shareholders              330    (7,439)     (7,109)       294    56,502     56,796        831      759    1,590
                           =====      =====       =====     =====     =====      =====      =====    =====    =====

Return per ordinary        
share                      0.20p    (4.59)p     (4.39)p     0.18p    34.66p     34.84p      0.51p    0.47p    0.98p

Dividend per ordinary        
share                        Nil                              Nil                           0.50p







JPMorgan Fleming Asian Investment Trust plc
Unaudited figures for the six months ended 31st March 2003

BALANCE SHEET                                                     31st March         31st March   30th September
                                                                        2003               2002             2002
                                                                       £'000              £'000            £'000

Investments at valuation                                             110,338            182,158          121,233

Net current  assets/(liabilities)                                      3,171            (5,782)            (615)
                                                                      ______            _______          _______

Total net assets                                                     113,509            176,376          120,618
                                                                       =====              =====            =====
Diluted net asset value per ordinary share                             70.0p             108.8p            74.4p





CASH FLOW STATEMENT                                              6 Months to        6 Months to          Year to
                                                                  31st March         31st March    30thSeptember
                                                                        2003               2002             2002
                                                                       £'000              £'000            £'000

Net cash inflow from operating activities                                255                545            1,516

Net cash outflow from returns on investments and                       
servicing of finance                                                   (141)              (270)            (671)

Total tax recovered                                                        -                180              228

Net cash inflow /(outflow) from capital expenditure and                
financial investment                                                   5,249           (18,358)         (10,850)

Total equity dividends paid                                            (810)                  -                -

Net cash (outflow)/inflow from financing                            (20,000)           (26,639)           18,761
                                                                     _______             ______           ______
(Decrease)/Increase in cash for the period                          (15,447)           (44,542)            8,984
                                                                       =====               ====             ====




The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 30th September 2002 have been delivered to the Registrar of
Companies.


J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
23rd June 2003



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