Final Results

JPMorgan Chinese Inv Tst PLC
08 November 2006


                       LONDON STOCK EXCHANGE ANNOUNCEMENT

                     JPMORGAN CHINESE INVESTMENT TRUST PLC

                                 FINAL RESULTS


The Year in Retrospect

The Board is pleased to report that despite volatile market conditions in the
year to 30th September 2006, the Company delivered a total return on net assets
(the percentage change in net asset value ('NAV') with the net dividend
reinvested) of +13.8% which compares favourably with a total return of +12.3% on
the Company's benchmark, the MSCI Golden Dragon Index.


The total return to shareholders (the percentage change in share price with the
net dividend reinvested) for the financial year was a more modest +8.2% and took
into account the widening of the discount of the Company's share price to the
underlying NAV from 0.4% (as restated) to 4.6%.


Revenue and Dividends

During the year, the Company recorded a surplus on its Revenue Account and the
Board is pleased to recommend a dividend of 0.70 pence per share in respect of
the financial year. As stated last year, when the dividend paid was 0.90 pence,
the primary objective of the Company remains that of providing long-term capital
growth and fulfilling this aim is likely to lead to fluctuations in the level of
dividend income. Subject to shareholders' approval at the Annual General
Meeting, the dividend will be paid on 22nd December 2006 to shareholders on the
register at close of business on 17th November 2006.


Share Issues and Repurchases

At the Annual General Meeting in December 2005, shareholders gave the Board
authority to issue new ordinary shares. For much of the year the Company's
shares traded at a modest premium to their NAV and consequently 5,575,000 new
ordinary shares were issued at an average premium to NAV of 4.1%. The Directors
consider it to be in the interests of shareholders that the Company's share
price reflects, as closely as possible, the value of the underlying portfolio of
investments in the Greater China region. In order to achieve this and in
response to new regulations governing the issue of shares that came into force
on 1st July 2005, the Company issued a prospectus. At an Extraordinary General
Meeting in August 2006, shareholders gave the Board authority to issue up to
approximately 22 million new shares in the Company, representing approximately
30% of the total shares in issue. As this authority is valid until August 2011,
the Board does not consider it appropriate to put an additional resolution to
shareholders at the forthcoming Annual General Meeting to further extend this
authority.


Shareholders also gave the Board authority to repurchase up to 14.99% of the
Company's shares for cancellation. Although no shares were repurchased during
the year, the Board believes it is important to have this facility available and
will therefore seek approval from shareholders to renew this authority at the
forthcoming Annual General Meeting.


Corporate Governance

The Company operates in accordance with corporate governance best practice and
the Board is committed to the highest standards of corporate governance
applicable under the Combined Code and the 'Association of Investment Companies'
('AIC') Code of Corporate Governance for Investment Trusts.


Accounting Standards

The introduction of new Financial Reporting Standards and the revised Statement
of Recommended Practice by the AIC in December 2005 has resulted in a revised
layout for the Income Statement (previously called the Statement of Total
Return) and a new Reconciliation of Movements in Shareholders' Funds statement.
One of the main effects of the new accounting standards is to exclude the amount
of the proposed final dividend from the accounts of the Company as this item is
no longer viewed as a liability at the year end. Prior results for 2005 have
accordingly been restated.


Board of Directors

During the year, the Board carried out a performance evaluation of the
Directors, the Chairman, the Board itself and its Committees. In accordance with
the Company's Articles of Association, the Director retiring by rotation at this
year's Annual General Meeting is William Knight. In view of the valuable
contribution William has made to the Board's deliberations since his
appointment, I have no hesitation in recommending his re-election. In addition,
having served as a Director for more than nine years, I am also standing for
re-election. The Board does not believe that length of service in itself should
disqualify a Director from seeking re-election and, in proposing my re-election,
it has taken into account the ongoing requirements of the Combined Code,
including the need to refresh the Board and its Committees.


The Manager

In June the Board announced that Emerson Yip had joined Howard Wang in managing
the Company's portfolio. Emerson joined JPMorgan in May 2006 and is a highly
experienced investor in the Greater China region. Shareholders will have an
opportunity to meet Emerson at this year's Annual General Meeting.


The Board formally carried out a detailed review of the Manager at the end of
October.  This review covered the investment management, company secretarial,
administration and marketing services provided to the Company by JPMorgan Asset
Management and included their investment performance record, management
processes, investment style, resources and risk control mechanisms. After
deliberation, the Board has concluded that the continuing appointment of the
Manager on the terms agreed is in the interests of shareholders as a whole.


Annual General Meeting

This year's Annual General Meeting will be held on Tuesday 12th December 2006 at
10.30 am at the Armourers' Hall, 81 Coleman Street, London EC2R 5BJ.


Outlook

The Board believes that Greater China continues to be an attractive region for
long-term investment. China itself has the best prospects: positive factors
include growth in domestic consumption, rural incomes starting to catch-up,
continuing strong exports, ample market liquidity and the gradual appreciation
of the Renminbi. Hong Kong's domestic economy is recovering and exports remain
firm. Despite political uncertainties, Taiwan's domestic economy is expected to
improve and the substantial investment by Taiwanese companies in China will
generate increasing returns.


Nigel Melville

Chairman

7th November 2006

For further information, please contact:

Lucy Dina

For and on behalf of

JPMorgan Asset Management (UK) Limited - Secretary

020 7742 6000


JPMorgan Chinese Investment Trust plc

Unaudited figures for the year ended 30th September 2006

Income Statement


                                                2006                                              2005

                                                                                       (Restated)*

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


Gains from investments                    
   held at fair value
   through profit or loss                 -            6,076          6,076          -       9,003       9,003

Net foreign currency losses              -              (32)           (32)          -         (6)         (6)

Income from investments               1,538                -          1,538      1,515           -       1,515

Other interest receivable and          
similar income                         24                  -             24         55           -          55
                                    _______         ________        _______    _______    ________     _______

Gross return                          1,562            6,044          7,606      1,570       8,997      10,567

Management fee                        (554)                -          (554)      (423)           -       (423)

Performance fee                           -             (59)           (59)          -       (211)       (211)

Other administrative expenses         (298)                -          (298)      (284)           -       (284)

                                    _______          _______        _______    _______     _______     _______

Net return on ordinary
activities before
   finance costs and taxation           710            5,985          6,695        863       8,786       9,649

Finance costs                          (10)                -           (10)          -           -           -
                                    _______          _______        _______    _______     _______     _______

Net return on ordinary
activities before
   taxation                             700            5,985          6,685        863       8,786       9,649

Taxation                              (165)               19          (146)      (222)          69       (153)
                                    _______          _______        _______    _______     _______     _______

Net return on ordinary
activities after
   taxation                             535            6,004          6,539        641       8,855       9,496
                                      =====            =====         ======     ======      ======      ======


Return per share (basic and           
diluted)                              0.74p            8.34p          9.08p      0.96p      13.23p      14.19p


*The results for the year ended 30th September 2005 have been restated in
 accordance with Financial Reporting Standard 21.


JPMorgan Chinese Investment Trust plc

Unaudited figures for the year ended 30th September 2006


Reconciliation of Movements in Shareholders' Funds


                                                     Exercised   Capital
                               Called up               warrant  redemption
                                   Share    Share      reserve     reserve   Other    Capital   Revenue
                                 Capital  Premium                          reserve    Reserve   reserve     Total
                                 £'000      £'000       £'000       £'000    £'000      £'000     £'000     £'000       
  
At 30th September 2004           
(as restated)*                   16,522      3,335          3         581     37,476   (19,280)      1,033    39,670

Total return from ordinary
      activities                      -          -          -           -          -      8,855        641     9,496
                                                                                                           
Shares issued                       581      1,069          -           -          -          -          -     1,650

Dividends appropriated in
the year                              -          -          -           -          -          -      (661)     (661)
                                _______   ________   ________    ________    _______    _______    _______  ________
At 30th September 2005           
(Restated)*                      17,103      4,404          3         581    37,476    (10,425)      1,013    50,155    
                                    

Adjustment to opening
shareholders' funds at 1st
October 2005 to reflect the
adoption of bid prices                -          -          -            -          -      (116)          -     (116)

Shares issued                     1,394      3,156          -            -          -          -          -     4,550

Total return from ordinary
      activities                      -          -          -            -          -      6,004        535     6,539

Dividends appropriated in             
the year                              -          -          -           -          -          -      (620)     (620)
                                _______   ________   ________    ________    _______    _______   ________  ________
At 30th September 2006           18,497      7,560          3         581     37,476    (4,537)        928    60,508


*The results for the year ended 30th September 2005 have been restated in
 accordance with Financial Reporting Standard 21.


JPMorgan Chinese Investment Trust plc

Unaudited figures for the year ended 30th September 2006


Balance sheet
                                                                                                              2005
                                                                                                 2006  (Restated)*
                                                                                                £'000        £'000
Fixed assets

Investments at fair value through profit or loss                                               62,115       49,269

Net current (liabilities)/ assets                                                             (1,586)          924

Creditors: Amounts due after more than one year                                                  (21)         (38)
                                                                                          -----------    ---------
Total net assets                                                                               60,508       50,155
                                                                                                =====        =====
Net asset value per share                                                                       81.8p        73.3p


*The results for the year ended 30th September 2005 have been restated in accordance with
 Financial Reporting Standard 21.


Cash Flow Statement
                                                                                                 2006         2005
                                                                                                £'000        £'000

Net cash inflow from operating activities                                                         341          615

Net cash outflow from returns on investments and servicing of finance

Interest                                                                                         (10)            -

Taxation paid                                                                                    (11)            -

Net cash outflow from capital expenditure and financial investment                            (6,527)      (3,154)

Dividends paid                                                                                  (620)        (661)

Net cash inflow from financing                                                                  6,473        1,650
                                                                                              _______      _______
Decrease in cash for the year                                                                   (354)      (1,550)
                                                                                                =====         ====


Notes:


1.        Accounting policies


The Company has adopted certain new accounting policies following the issue of
new financial reporting standards (FRSs) and the issue of the revised Statement
of Recommended Practice 'Financial statements of investment trust companies' by
the AIC in December 2005. The material changes to the accounts are as follows:


Investments are designated as held at fair value through profit or loss in
accordance with FRS 26: 'Financial Instruments: Measurement'. Listed investments
are valued at bid market prices. This represents a change in accounting policy,
however, in accordance with the exemption conferred by paragraph 108D of FRS26,
comparatives have not been restated. In prior years, listed investments were
valued using last trade prices. The adoption of bid prices on 1st October 2005
decreased the value of investments by £116,000.


In accordance with FRS21 'Events after the Balance Sheet date', final dividends
declared but not approved are not accrued in the accounts, since their payment
only becomes certain once shareholder approval has been obtained. Comparative
figures have been restated and this has led to an increase in net assets of
£616,000 at 30th September 2005.


2.        Dividends

                                                                                             2006         2005
                                                                                            £'000        £'000
Final dividend of 0.90p paid  2005 (2004: 1.00p)                                              616          661
                                                                                       ----------    ---------
Total dividends paid in the year                                                              616          661
                                                                                            =====        =====
Final dividend payable of 0.70p (2005: 0.90p)                                                 518          616


The final dividend has been proposed in respect of the year ended 30th September
2006 and is subject to approval at the forthcoming Annual General Meeting. In
accordance with the revised accounting policy of the Company, this dividend will
be reflected in the accounts for the year ended 30th September 2007.


3.             Comparative figures


The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is an extract from the statutory accounts for the year ended 30th
September 2005 (as restated). Those accounts, upon which the auditors issued an
unqualified opinion, have been delivered to the Registrar of Companies.


JPMORGAN ASSET MANAGEMENT (UK) LIMITED


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