Final Results

JP Morgan Flem Chinese Inv Tst PLC
05 November 2004


               JPMORGAN FLEMING CHINESE INVESTMENT TRUST PLC

                         STOCK EXCHANGE ANNOUNCEMENT


The Board today announces the preliminary results of the Company for the year
ended 30th September 2004.


Chairman's Statement


The Year in Retrospect

As detailed by our investment managers, the year under review was one of two
halves for Greater China investment. At the six-month stage we reported strong
results with a Net Asset Value ('NAV') total return of +13.4% and a share price
total return of +8.7%. These compared favourably with the +4.9% total return for
the Company's benchmark, the MSCI Golden Dragon Index (in sterling terms).

The second half of the year was, however, characterised by the impact of the
introduction of economic cooling measures in China and increased uncertainty
over U.S. growth prospects. Although such cooling measures had been anticipated
by our investment managers, the timing of their introduction was earlier than
expected and impacted particularly on those cyclical stocks which had served the
portfolio well in the first six months of the year.

Accordingly, we ended the full financial year broadly in line with our benchmark
with a NAV total return of +3.6%, which compared with a 4.0% total return from
the MSCI Golden Dragon Index (in sterling terms).

Despite the small positive NAV total return, the share price total return for
the year was a disappointing -10.2%, which reflected the move of the Company's
shares from a premium of 7.0% to a discount of 7.1% over the financial year. As
mentioned in my interim statement, the Board is prepared to use its share
repurchase facility if the discount level increases significantly.

Outlook

The China economy is slowing but our investment managers believe that there will
be a soft landing with growth slowing to an 8% range from above 9%. We believe
this is evidenced by the Chinese government recently raising interest rates for
the first time in 9 years. At a corporate level, governance is improving and the
proportion of the economy represented by the private sector continues to grow.

Global technology trends and domestic political issues dominate Taiwan but the
economy remains healthy and we are witnessing a recovery in private consumption.
In Hong Kong, there is clear evidence that the domestic economy is benefiting
from mainland China tourism and we are seeing a pick up in confidence and a
modest recovery in domestic property prices.

Nevertheless, the global environment remains uncertain at this time and it is
likely that the stock markets of the Greater China region will continue to be
volatile, but the long-term growth prospects of the Chinese economy remain very
attractive.

Revenue and Dividends

During the year, the Company recorded a surplus on its Revenue Account and the
Board has accordingly declared a special dividend of 1.00 pence per share in
respect of the financial year. This is an increase of 66.7% over the 0.60 pence
paid last year (itself an increase of 140% over the previous year) and
highlights the greater emphasis that companies in the Greater China region are
now placing on dividends. That said, the primary objective of the Company
remains that of maximising shareholder return through capital growth, and
fulfilling this aim may lead to fluctuations in the level of dividend income.
The dividend will be paid on 23rd December 2004 to shareholders on the register
at close of business on 19th November 2004.

Continuation Vote

In accordance with the Articles of Association, shareholders were given the
opportunity to consider the future of the Company at the Annual General Meeting
in December 2003, and voted that the Company continue in existence as an
investment trust for a further five year period.

Share Issues and Share Repurchases

At the Annual General Meeting in December 2003, shareholders gave the Directors
authority to repurchase up to 14.99% of the Company's shares for cancellation.
Although no shares were repurchased during the year, the Board will seek
approval from shareholders to renew this authority at the forthcoming Annual
General Meeting.

Shareholders also gave the Board authority to issue new ordinary shares. Since
this initial authority was granted, 7,137,611 new ordinary shares (of which
3,240 shares were issued as a result of warrants exercised during the year) have
been issued at an average premium to NAV of 5.5%. Your Directors believe that
the authority to issue new shares at a premium to their underlying NAV is in the
best interests of the Company and hence recommend that shareholders also renew
this authority at the forthcoming Annual General Meeting.

Warrants

When the Company was launched, shareholders received one warrant for every five
shares purchased. Each warrant conferred the right to subscribe for one ordinary
25p share at 100p. These expired on 1st February 2004, hence all subscription
rights have now lapsed.

Corporate Governance

Following the introduction of the Association of Investment Trust Companies'
(AITC) Code of Corporate Governance for Investment Trusts, a section in the
Annual Report states the measures taken to ensure that your Company now fully
complies with the recommendations, one of which was the establishment of a
separate Board Nomination Committee.

The Board formally carried out a detailed review of the Manager at the end of
October this year. This review covered the investment management, secretarial,
administration and marketing services provided to the Company by JPMorgan
Fleming and included their performance record, management processes, investment
style, resources and risk control mechanisms. After deliberation, the Board has
concluded that the continued appointment of the Manager is in the interests of
shareholders.

As approved by shareholders at the Annual General Meeting last year, the
management fee structure was reviewed and the 1.2% (excluding marketing
expenses) fixed fee was replaced by a 1% (including marketing expenses) fixed
fee and a bonus element for out-performance. However, the results for the year
ended 30th September did not give rise to a performance fee being payable.

Board of Directors

I reported in my interim statement that Sir Andrew Burns KCMG was appointed a
Director of the Company in December 2003, and William Knight was appointed a
Director in April 2003 when Sir David Kinloch Bt retired from the Board. Both
Directors have proved to be valuable additions to the Board since their
appointment. In addition, I know that the Board and shareholders would join me
in thanking Sir David for his contributions as both a Director and Chairman of
the Board.

Last year Abraham Lue signalled his intention to retire from the Board when a
suitable replacement is found. At present the Board are considering possible
candidates to join the Board in the near future, and hence have agreed that
Abraham Lue will retire by rotation at the conclusion of the forthcoming Annual
General Meeting and will not offer himself for re-election. I should like to pay
tribute to the significant contribution Abraham has made over his 11 years on
the Board.

Investment Manager

In July this year the Directors welcomed Ernest Liu to the team, to assist Man
Wing Chung in managing the Company's portfolio. Ernest Liu, who joined JPMorgan
Fleming Asset Management in August 2003, is an investment manager and a China
country specialist with the Pacific Regional Group in Hong Kong,

Annual General Meeting

This year's Annual General Meeting will be held on Monday 13th December 2004 at
10.30 am at 10 Aldermanbury, London EC2V 7RF. As in previous years, in addition
to the formal proceedings, there will be a presentation by your investment
manager, who will also be available to respond to questions on the Company's
portfolio and performance.

Following the meeting, there will be an opportunity for shareholders to meet the
Board and I look forward to seeing as many of you as possible at this meeting.

If you have any detailed or technical questions, it would be helpful if you
could raise these in advance with the Company Secretary at Finsbury Dials, 20
Finsbury Street, London EC2y 9AQ. Shareholders who are unable to attend the AGM
are encouraged to use their proxy votes.



Nigel Melville

Chairman, 5th November 2004


JPMorgan Fleming Chinese Investment Trust plc
Audited figures for the year ended 30th September 2004

Statement of Total Return
                                                  Year ended 30 September 2004       Year ended 30 September 2003
                                                    Revenue     Capital      Total   Revenue     Capital       Total
                                                      £'000       £'000      £'000     £'000       £'000       £'000


Realised gains on investments during the year             -         998        998         -       1,011       1,011
Transfer of warrant reserve on lapse of warrants          -       4,556      4.556         -           -           -
Net unrealised (losses)/gains on investments              -       (503)      (503)         -       7,016       7,016
Currency (losses)/gains on cash and short-term
deposits held during the year                             -
                                                                  (156)      (156)         -          31          31
Other capital charges                                     -        (37)       (37)         -        (24)        (24)
Income from investments                               1,277           -      1,277     1,011           -       1,011
Other income                                            107           -        107        38           -          38
                                                    _______    ________    _______   _______    ________     _______

Gross return                                          1,384       4,858      6,242     1,049       8,034       9,083

Management fee                                        (395)           -      (395)     (326)           -       (326)
Other administrative expenses                         (260)           -      (260)     (282)           -       (282)
Interest payable                                          -           -          -       (2)           -         (2)
                                                    _______     _______    _______   _______     _______     _______

Return before taxation                                  729       4,858      5,587       439       8,034       8,473

Taxation                                               (65)           -       (65)      (40)           -        (40)
                                                    _______     _______    _______   _______     _______     _______

Return attributable to ordinary shareholders            664       4,858      5,522       399       8,034       8,433

Dividend payable                                      (676)           -      (676)     (354)           -       (354)

                                                    _______     _______    _______   _______     _______     _______

Transfer (from)/to reserves                            (12)       4,858      4,846        45       8,034       8,079


Return per ordinary share                             1.03p       7.53p      8.56p     0.69p      13.81p      14.50p


Return per ordinary share - excluding transfer on     1.03p       0.47p      1.50p     0.69p      13.81p      14.50p
Lapse of warrants


JPMorgan Fleming Chinese Investment Trust plc
Audited figures for the year ended 30th September 2004

BALANCE SHEET                                                                     30 Sept          30 Sept
                                                                                     2004             2003
                                                                                    £'000            £'000

Investments at market value                                                        36,507           32,112

Net current assets                                                                  2,537            1,790

Provision for liabilities and charges                                                (35)                -
                                                                                  _______          _______
Total net assets                                                                   39,009           33,902
                                                                                    =====            =====
Net asset value per ordinary share                                                  59.0p            57.5p


CASH FLOW STATEMENT
                                                                                     2004             2003
                                                                                    £'000            £'000

Net cash inflow from operating activities                                             488              251

Net cash outflow from returns on investments and servicing of
finance                                                                                 -              (2)

Net cash (outflow)/inflow from capital expenditure and financial
investment                                                                        (3,802)            1,483

Equity dividend paid                                                                (369)            (145)

Net cash inflow from financing                                                      4,817              382
                                                                                  _______          _______
Increase in cash in the year                                                        1,134            1,969
                                                                                    =====             ====



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
2003. 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




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