Interim Results

JPMorgan Asian Investment Tst PLC
07 June 2007



                       LONDON STOCK EXCHANGE ANNOUNCEMENT


                      JPMORGAN ASIAN INVESTMENT TRUST PLC


                  PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS



The Company announces its unaudited results for the six months to 31st March
2007.


CHAIRMAN'S STATEMENT:

The first half year showed a continuation of strong results in the Asian ex
Japan markets and these were reflected in the Company's portfolio results. The
net asset value total return was +17.6%, significantly outperforming the total
return of +11.2% from our benchmark, the MSCI AC Asia ex Japan Index with net
dividends reinvested in sterling terms. The return to shareholders over the same
period was +17.7%, reflecting a small narrowing of the discount to net asset
value.


Outlook

The Board's view of the medium term prospects for Asia ex Japan accords with the
generally positive view of the Manager. We will continue to watch developments
in China closely since there is little doubt that it is assuming an increasingly
important place in the economies of Asia and the wider world. Meanwhile, the
improvements in investment performance of south east Asian stockmarkets,
particularly Singapore and Indonesia, are also encouraging. We are pleased to
see that the complementary strengths of our two investment managers, harnessed
together in a greater conviction approach to management of the portfolio, have
fulfilled our expectations in this first half year to produce significant
outperformance against our benchmark.



James M Long
Chairman, 7th June



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 six months ended 31st March 2007



Income Statement


                                    (Unaudited)                   (Unaudited)                       (Audited)
                            Six months ended 31st March   Six months ended 31st March       Year ended 30th September
                                       2007                           2006                            2006

                          Revenue     Capital     Total   Revenue   Capital       Total     Revenue  Capital     Total
                            £'000       £'000     £'000     £'000     £'000       £'000       £'000    £'000     £'000

Gains from investments
held at fair value
through profit or loss          -      41,792    41,792         -    34,782      34,782           -  25,657     25,657

Net foreign currency
gains/(losses)                  -         461       461         -     (274)       (274)           -      753       753
                        
Income from investments     1,536           -     1,536     1,804         -       1,804       5,460        -     5,460
Other interest
receivable and similar
income                         50           -        50        73         -          73         180        -       180
                          _______    ________   _______   _______  ________     _______     _______  _______   _______

Gross return                1,586      42,253    43,839     1,877    34,508      36,385       5,640   26,410    32,050

Management fee              (823)           -     (823)     (769)         -       (769)     (1,601)        -   (1,601)
Performance fee                 -     (1,987)   (1,987)         -         -           -           -        -         -
Other administrative
expenses                    (265)           -     (265)     (327)         -       (327)       (637)        -     (637)
                          _______     _______   _______   _______   _______     _______     _______  _______   _______

Net return on ordinary
activities before
finance costs and        
taxation                      498      40,266    40,764       781    34,508      35,289       3,402   26,410    29,812

Finance costs               (502)           -     (502)     (361)         -       (361)       (852)        -     (852)

                          _______     _______   _______   _______   _______     _______     _______  _______   _______

Net (loss)/return on
ordinary activities
before taxation               (4)      40,266    40,262       420    34,508      34,928       2,550   26,410    28,960
                         
Taxation                    (138)           -     (138)     (243)         -       (243)       (474)        -     (474)
                           ______     _______   _______    ______   _______     _______     _______  _______   _______

Net (loss)/return on
ordinary activities
after taxation              (142)      40,266    40,124       177    34,508      34,685       2,076   26,410    28,486

                            =====       =====     =====     =====     =====       =====       =====    =====     =====

(Loss)/return per share   (0.09)p      24.94p    24.85p     0.11p    21.01p      21.12p       1.27p   16.17p    17.44p





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

The 'Total' column of this statement is the profit and loss account of the
Company and the 'Revenue' and 'Capital' columns represent supplementary
information. The 'Total' column represents all the information that is required
to be disclosed in a 'Statement of Total Recognised Gains and Losses (STRGL)'.
For this reason a STRGL has not been presented.




JPMorgan Asian Investment Trust plc
Unaudited figures for the six months ended 31st March 2007


Reconciliation of Movements in Shareholders' Funds (Unaudited)



                                             
                                   Called up           Exercised      Capital  
                                       share     Share    warrant  redemption      Other   Capital   Revenue
                                     capital   Premium    reserve     reserve    reserve   reserve   reserve     Total  
             
                                       £'000     £'000      £'000       £'000      £'000     £'000     £'000     £'000  
                                                  
At 30th September 2005                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
Total return/(loss) from ordinary    
activities                                 -         -          -           -          -    40,266     (142)    40,124
Dividends appropriated in the period       -         -          -           -          -         -   (2,018)   (2,018)
                                     _______   _______   ________    ________   ________   _______   _______  ________
At 31st March 2007                    40,364     4,347        977       2,647    108,902   122,931       218   280,386




JPMorgan Asian Investment Trust plc
Unaudited figures for the six months ended 31st March 2007

Balance Sheet                                                                             
                                                  (Unaudited)              (Unaudited)                 (Audited)        
                                              31st March 2007          31st March 2006       30th September 2006
                                                        £'000                    £'000                     £'000

Fixed assets

Investments at fair value through profit
or loss                                               300,194                  274,739                   252,742
                                                    


Current assets
Debtors                                                 3,888                    1,365                       490
Cash and short term deposits                            4,254                    1,275                     1,386
                                                       ______                   ______                    ______

                                                        8,142                    2,640                     1,876

Creditors: amounts falling due within
one year                                              (7,518)                  (4,435)                     (255)
                                                       ______                   ______                    ______
Net current assets/ (liabilities)                         624                  (1,795)                     1,621


Total assets less current liabilities                 300,818                  272,944                   254,363

Creditors : amounts falling due after
more than one year
Bank loans                                           (20,394)                 (20,178)                  (12,045)

Provisions for liabilities and charges
Deferred tax                                             (38)                     (46)                      (38)
                                                       ______                   ______                    ______
Total net assets                                      280,386                  252,720                   242,280
                                                       ______                   ______                    ______
Capital and reserves
Called up share capital                                40,364                   41,900                    40,364
Share premium                                           4,347                    4,347                     4,347
Exercised warrant reserve                                 977                      977                       977
Capital redemption reserve                              2,647                    1,111                     2,647
Other reserve                                         108,902                  112,463                   108,902
Capital reserve                                       122,931                   91,443                    82,665
Revenue reserve                                           218                      479                     2,378
                                                       ______                   ______                    ______
Shareholders' funds                                   280,386                  252,720                   242,280
                                                        =====                    =====                     =====
Net asset value per share                              173.7p                   153.9p                    150.1p





Cash Flow Statement                              (Unaudited)               (Unaudited)                 (Audited)
                                            Six months ended          Six months ended           Year ended 30th 
                                             31st March 2007           31st March 2006            September 2006
                                                       £'000                     £'000                     £'000

Net cash (outflow)/inflow from operating
activities                                               (28)                       42                     2,619
                 

Net cash outflow from return on
investments and servicing of finance                    (462)                    (301)                     (831)
                                              

Taxation paid                                               -                    (237)                     (305)

Net cash outflow from capital
expenditure and financial investment                  (3,478)                 (27,576)                  (17,643)
                                              

Dividend paid                                         (2,018)                  (2,873)                   (2,873)

Net cash inflow from financing                          9,243                   21,181                     9,262
                                                      _______                  _______                   _______
Increase/(decrease) in cash for the
period                                                  3,257                  (9,764)                   (9,771)
                                                      _______                  _______                   _______


1. Accounting policies

The accounts have been prepared in accordance with United Kingdom Generally
Accepted Accounting Practice ('UK GAAP') and with the Statement of Recommended
Practice 'Financial Statements of Investment Trust Companies dated 31st December
2005.

All of the Company's operations are of a continuing nature.

The accounting policies applied to these interim accounts are consistent with
those applied in the accounts for the year ended 30th September 2006.



2. (Loss)/return per share

                                                    (Unaudited)          (Unaudited)                 (Audited)
                                               Six months ended     Six months ended           Year ended 30th 
                                                31st March 2007      31st March 2006            September 2006
                                                          £'000                £'000                     £'000


(Loss)/return per share is based on the
following:
Revenue (loss)/return                                      (142)                 177                     2,076
Capital return                                            40,266              34,508                    26,410
                                                    __________________________________________________________
Total return                                              40,124              34,685                    28,486
                                                    __________________________________________________________


Weighted average number of shares in issue           161,457,154         164,199,154               163,352,731

Revenue (loss)/return per share                          (0.09)p               0.11p                     1.27p
Capital return per share                                  24.94p              21.01p                    16.17p
                                                    __________________________________________________________
Total return per share                                    24.85p              21.12p                    17.44p
                                                    __________________________________________________________



3. Net asset value per share

Net asset value per share is based on the net assets attributable to ordinary
shareholders of £280,386,000 (31st March 2006: £252,720,000 and 30th September
2006: £242,280,000) and on the 161,457,154 (31st March 2006: 164,199,154 and
30th September 2006: 161,457,154) shares in issue at the period end.



4. Status of preliminary announcement

The financial information set out in this preliminary announcement does not
constitute the Company's statutory accounts as defined in section 240 of the
Companies Act 1985. The financial information for the half year ended 31st March
2006 and 31st March 2007 has not been audited. The figures and financial
information for the year ended 30th September 2006 are an extract from the
latest published accounts and do not constitute statutory accounts for that
year. Those accounts have been delivered to the Registrar of Companies and
included the report of the auditors, which was unqualified and did not contain a
statement under either section 237(2) or 237(3) of the Companies Act 1985.



JPMORGAN ASSET MANAGEMENT (UK) LIMITED






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