Final Results

JP Morgan Flem Chinese Inv Tst PLC
11 November 2002


                  JPMORGAN FLEMING CHINESE INVESTMENT TRUST PLC

                       LONDON STOCK EXCHANGE ANNOUNCEMENT


Final results for the year ended 30th September 2002


Retrospect

Stock markets have again been highly volatile during the last year. Overall, the
net asset value per share fell by 11.6%, which compared unfavourably with our
comparator index which declined 7.1%.

Although our discount was around 12% for most of the year, it widened towards
the year-end, to close at 21%, a level similar to that prevailing at the
previous year-end.


Economic and Stockmarket Background

As investors in equities will be painfully aware, the past year has seen further
sharp falls in most equity markets.

In fact, the first half of the year under review witnessed a strong rise in our
Company's net asset value, which had risen 37.8% by 31st March 2002. The rise in
markets was fuelled by sustained efforts in the US in particular to stimulate
growth following a sharp fall in confidence as a result of both the 11th
September terrorist attacks and the ending of the TMT bubble and the excesses
which accompanied it.

In the second half of the year sentiment deteriorated steadily as doubts
regarding a sustainable recovery in the US in particular persisted and sentiment
was also affected negatively by corporate collapses and widespread admission
that corporate earnings have been overstated during the boom years.

Shareholders will appreciate that these adverse developments in the principal
market for manufactured goods in Asia's main export markets had a generally
negative effect on listed companies in the Greater China Region.

In September 2002, the Board asked the managers to represent their investment
strategy. Following this review we decided to adopt a more cautious posture.
Accordingly the investment manager took steps to reduce risks within the
portfolio and consequently increased exposure to defensive stocks. This was
principally achieved through increasing exposure to Hong Kong and reducing our
weightings in China and Taiwan.


Revenue and Dividends

The statement of Total Return is set out on page 30. During the year the Company
recorded a surplus on its Revenue Account and the Board has accordingly declared
a dividend of 0.25 pence per share in respect of this financial year (2001-nil).
This special dividend will be paid on 23rd December 2002 to ordinary
shareholders on the register at the close of business on 22nd November 2002.


Board of Directors

As previously announced, John Mackenzie retired from the Board on 17th April
2002. I would like to thank him for his valuable contribution during his period
of office.


Outlook

At the time of writing the outlook for equity markets remains uncertain. In
particular, the prospects for the US economy are unclear and there is a real
threat of military conflict in the Middle East with its attendant worries in the
context of continuity of oil supplies from that region.

In these circumstances, as outlined above, the Board believes that a defensive
stance is appropriate, and the investment manager has taken steps to de-risk the
overall portfolio. The Board expects to maintain a cautious posture until the
outlook becomes clearer.



8th November 2002

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


For further information, please contact:

Hilary Lowe....................................................020 7742 3274




JPMorgan Fleming Chinese Investment Trust plc
Unaudited figures for the year ended 30th September 2002

Statement of Total Return (Unaudited)
                                                  Year ended 30 September 2002       Year ended 30 September 2001
                                                    Revenue     Capital      Total   Revenue     Capital       Total
                                                      £'000       £'000      £'000     £'000       £'000       £'000

Realised gains/(losses)  on investments                   -         123        123         -     (5,040)     (5,040)
Net change in unrealised depreciation                     -     (3,410)    (3,410)         -    (14,909)    (14,909)
Currency losses on cash and short-term deposits
held during the year                                      -        (11)       (11)         -        (15)        (15)

Other capital charges                                     -        (14)       (14)         -        (21)        (21)
Income from Investments                                 874           -        874       724           -         724
Other Income                                             31           -         31        24           -          24
                                                    _______    ________    _______    ______     _______    ________

Gross return                                            905     (3,312)    (2,407)       748    (19,985)    (19,237)
Management fee                                        (417)           -      (417)     (510)           -       (510)
Other administrative expenses                         (236)           -      (236)     (274)           -       (274)
Interest payable                                       (21)           -       (21)      (58)                    (58)
                                                    _______     _______    _______    ______     _______     _______

Net return before taxation                              231     (3,312)    (3,081)      (94)    (19,985)    (20,079)
Taxation                                               (60)           -       (60)      (46)           -        (46)
                                                    _______     _______    _______    ______     _______     _______

Net return after taxation                               171     (3,312)    (3,141)     (140)    (19,985)    (20,125)
Dividend per ordinary share                           (145)           -      (145)         -           -           -
                                                    _______     _______    _______    ______     _______     _______

Transfer to/(from) reserves                              26     (3,312)    (3,286)     (140)    (19,985)    (20,125)

Return per ordinary share                             0.30p     (5.70)p    (5.40)p   (0.24)p    (34.13)p    (34.37)p

Dividend per ordinary share                           0.25p           -      0.25p         -           -           -





JPMorgan Fleming Chinese Investment Trust plc
Unaudited figures for the year ended 30th September 2002

BALANCE SHEET                                                                     30 Sept          30 Sept
                                                                                     2002             2001
                                                                                    £'000            £'000

Investments at valuation                                                           22,037           28,075

Net current assets                                                                  3,283              529
                                                                                  _______          _______

Total net assets                                                                   25,320           28,604
                                                                                  =======          =======
Fully diluted net asset value per share                                             43.5p            49.2p
Undiluted net asset value per share                                                 43.5p            49.2p


CASH FLOW STATEMENT
                                                                                     2002             2001
                                                                                    £'000            £'000

Net cash inflow/(outflow) from operating activities                                    58            (250)

Net cash outflow from returns on investments and servicing of                                         
finance                                                                              (21)             (58)

Total tax recovered                                                                     9               59

Net cash (outflow)/inflow from capital expenditure and financial                    
investment                                                                          (324)            2,600

Net cash inflow /(outflow) from financing                                             123          (2,832)
                                                                                  _______           ______

Decrease in cash in the year                                                        (155)            (481)
                                                                                  =======          =======



The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the year ended 30th September
2001. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.



J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED

8th November 2002


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