InterimRslts-Chairman's Stmnt

JPMorgan Asian Investment Tst PLC
17 May 2006



                       LONDON STOCK EXCHANGE ANNOUNCEMENT

                      JPMORGAN ASIAN INVESTMENT TRUST PLC

     INTERIM CHAIRMAN'S STATEMENT FOR THE SIX MONTHS ENDED 31ST MARCH 2006



Performance

Strong performance in the Asian ex-Japan markets during the six months to 31st
March 2006 was reflected in the Company's portfolio results. The net asset value
total return was +18.6% compared with a total return of +18.7% from our
benchmark index, the Morgan Stanley Composite Asia Free Index ex-Japan in
sterling terms. The Company's share price total return over the same period was
a little lower at +17.3%, reflecting a slight widening of the discount to net
asset value.



Discount Management

Following the withdrawal of the special resolution to authorise the continued
use of treasury shares at the AGM in February, we have been investigating
alternative means of limiting the extent and volatility of the discount at which
the Company's shares trade to net asset value. The Board has instructed its
advisers to monitor levels on a daily basis and we remain prepared to buy back
shares in order to prevent any unacceptable widening of the discount.



Gearing

The Company has retained until recently a £20 million multi-currency revolving
credit facility and, for the past few months, this has been fully drawn. The
significant capital growth of the Company over the last two years has resulted
in the maximum amount of the existing facility now being considerably below the
maximum proportion of the Company's net assets that may be borrowed in
accordance with the policy and restrictions set by the Board. We have now
entered into an agreement for a new, larger and more flexible borrowing
facility. It is intended that the Investment Manager will be authorised by the
Board to draw up to the maximum permitted, at his discretion, with a view to
producing enhanced capital returns for shareholders in rising markets.



Investment Manager

This time last year I announced that Michael Koh was assuming the primary
position in managing the Company's investment portfolio. He is now fully
installed in the role and has been joined by Joshua Tay, a highly experienced
investor and fund manager with complementary investment management skills , who
will work alongside Michael at JPMorgan's office in Singapore.



Outlook

The Board's view of the medium term prospects for Asia ex-Japan accords with the
generally positive view of the Manager. The outlook is certainly more
challenging in the year ahead but solid investment opportunities continue to 
exist from which we expect the Company to benefit. With the newly strengthened 
investment team dedicated  to the portfolio we remain sanguine about results 
over the balance of 2006. We have also taken steps to improve the company's 
relative performance in the months ahead.





James Long



Chairman
12th May 2006



For further information please contact:
Philip Jones, JPMorgan Asset Management (UK) Limited .......... 020 7742 7214




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