Investment Policy

JP Morgan Fleming Asian Inv Tst PLC
20 October 2003

                           STOCK EXCHANGE ANNOUNCEMENT



                  JPMORGAN FLEMING ASIAN INVESTMENT TRUST PLC


                       ANNOUNCEMENT OF INVESTMENT POLICY





Following the publication by The Financial Services Authority of the Investment
Entities (Listing Rules and Conduct of Business) Instrument 2003, the Board of
JPMorgan Fleming Asian Investment Trust plc (the 'Company') announces that it is
the Company's policy to invest no more than 15% of its gross assets in other
listed investment companies (including listed investment trusts).



20th October 2003





J.P. Morgan Fleming Asset Management (UK) Limited - Secretary



For further information, please contact:



Philip Jones................................... 020 7742 7214




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