Interim Results

JP Morgan Fleming Asian Inv Tst PLC
29 April 2005


                          STOCK EXCHANGE ANNOUNCEMENT

                  JPMORGAN FLEMING ASIAN INVESTMENT TRUST PLC


The Company announces its unaudited results for the six months to 31st March
2005.

The Company's total return on net assets in sterling terms was +10.8% over the
six months to 31st March 2005.  This compared to a total return of +9.7% 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 six months amounted to 0.26p.


29th April 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
Unaudited figures for the six months ended 31st March 2005

Statement of Total Return (Unaudited)


                        Six months to 31st March 2005   Six months to 31st March 2004  Year to 30th September 2004
                         Revenue    Capital       Total   Revenue   Capital      Total    Revenue  Capital    Total
                           £'000      £'000       £'000     £'000     £'000      £'000      £'000    £'000    £'000

Realised gains on
investments                    -      2,258       2,258         -     4,310      4,310          -    5,486    5,486
Unrealised gains on
investments                    -     13,283      13,283         -    15,154     15,154          -    9,657    9,657
Currency  losses on
cash and short term
deposits held during
the period                     -      (194)       (194)         -     (618)      (618)          -    (998)    (998)     
                                                          
Transfer of warrant
reserve on lapse of
warrants                       -      4,895       4,895         -         -          -          -        -        -

Realised gains/
(losses) on currency
hedges                         -          -           -         -         1          1          -      (1)      (1)

Other capital charges          -       (13)        (13)         -      (40)       (40)          -     (63)     (63)

UK dividend income           170          -         170        38         -         38         80        -       80

Overseas dividends         1,517          -       1,517     1,287         -      1,287      4,187        -    4,187

Scrip dividends                -          -           -        48         -         48        225        -      225

Deposit interest              30          -          30        32         -         32        162        -      162

Stock lending fees            20          -          20        87         -         87        174        -      174
                         _______   ________     _______    ______   _______   ________    _______  _______  _______

Gross return               1,737     20,229      21,966     1,492    18,807     20,299      4,828   14,081   18,909

Management fee             (602)          -       (602)     (612)         -      (612)    (1,148)        -  (1,148)
Other administrative
expenses
                           (328)          -       (328)     (316)         -      (316)      (574)        -    (574)
Interest payable           (215)          -       (215)     (474)         -      (474)      (590)        -    (590)
                         _______    _______     _______    ______   _______    _______    _______  _______  _______
Return before
taxation
                             592     20,229      20,821        90    18,807     18,897      2,516   14,081   16,597
Taxation                   (171)          -       (171)       (9)         -        (9)      (900)        -    (900)
                          ______    _______     _______    ______   _______     ______    _______  _______  _______
Return attributable
to  shareholders             421     20,229      20,650        81    18,807     18,888      1,616   14,081   15,697
                           =====      =====       =====     =====     =====      =====      =====    =====    =====
Return per ordinary
share
                           0.26p     12.48p      12.74p     0.05p    11.60p     11.65p      1.00p    8.69p    9.69p
Return per ordinary
share excluding
transfer on lapse of       0.26p      9.46p       9.72p
warrants                                                        -         -          -          -        -        -
Dividend per ordinary
share                        Nil                    Nil       Nil                  Nil      1.05p             1.05p


JPMorgan Fleming Asian Investment Trust plc
Unaudited figures for the six months ended 31st March 2005


BALANCE SHEET                                                             31st March   31st March    30thSeptember
                                                                                2005         2004             2004
                                                                               £'000        £'000            £'000

Investments at valuation                                                     185,856      174,101          164,477

Net current  assets                                                            3,419       16,979            1,798
                                                                              ______      _______          _______
Total assets less current liabilities                                        189,275      191,080          166,275

Creditors : amounts falling due after more than one year                     (5,000)     (20,000)                -

Provisions                                                                     (129)         (45)            (129)
                                                                             _______      _______          _______
Total net assets                                                             184,146      171,035          166,146
                                                                             =======      =======          =======
Net asset value per ordinary share                                            112.1p       105.5p           102.5p


Net asset value per ordinary share assuming re-issue of treasury shares       111.8p          N/A              N/A



CASH FLOW STATEMENT                                                      6 Months to  6 Months to          Year to
                                                                          31st March   31st March    30thSeptember
                                                                                2005         2004             2004
                                                                               £'000        £'000            £'000

Net cash inflow from operating activities                                        468          716            2,594

Net cash outflow from returns on investments and servicing of finance          (204)        (483)            (619)

Total tax paid                                                                  (41)            -             (84)

Net cash (outflow)/inflow from capital expenditure and financial             (5,142)       16,027           21,370
investment

Total equity dividends paid                                                  (1,702)      (1,702)          (1,702)

Net cash inflow/(outflow) from financing                                       7,544            -         (19,996)
                                                                             _______      _______         ________
Increase in cash for the period                                                  923       14,558           1,,563
                                                                             =======      =======         ========

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 2004 have been delivered to the Registrar of
Companies.

J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
29th April 2005


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