Final Results

JP Morgan Flem Chinese Inv Tst PLC
07 November 2005


                    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 2005.


Chairman's Statement

The Year in Retrospect

Your Board is pleased to report that the total return to shareholders (the
change in share price with the net dividend reinvested) for the financial year
to 30th September 2005 was +35.6%, which was helped by the move of the Company's
share price from a discount of 7.1% to net asset value ('NAV') to a premium of
0.8%. Over the same period, the Company's NAV total return (the change in NAV
with the net dividend reinvested) was +24.7%. Both of these figures compare very
favourably with the Company's benchmark, the MSCI Golden Dragon Index (in
sterling terms), which returned +21.4%.

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 0.90 pence per share in respect of
the financial year. As stated last year, when the dividend paid was 1.00 pence,
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. Subject to shareholders' approval at the Annual
General Meeting, the dividend will be paid on 23rd December 2005 to shareholders
on the register at close of business on 18th November 2005.

Share Repurchases and Issues

At the Annual General Meeting in December 2004, 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 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.

Shareholders also gave the Board authority to issue new ordinary shares. Over
the course of the year, the shares have moved to trade at a premium to NAV and
consequently, 2,325,000 new ordinary shares were issued at an average premium to
NAV of 5.52%. 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.

The principal objective of the share repurchase and issue programme is to
minimise discount volatility. By undertaking such a programme the Board expects
that the share price will be maintained in a reasonable range around NAV, which
your Directors believe is in the interests of shareholders as a whole.

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 'Association of Investment Trust
Companies' (AITC) Code of Corporate Governance for Investment Trusts.

In order to comply with the Smith Report recommendation that the Audit Committee
should not be chaired by the Chairman of the Board, I stood down as Chairman of
the Audit Committee at the beginning of the financial year and Mr. William
Knight took over the Chair.

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 and
included their investment 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.

Board of Directors

I reported in my interim statement that Mr. Irving Koo and Madam Yujiang Zhao
were appointed as Directors of the Company in February 2005. Both Directors have
proved to be valuable additions to the Board since their appointment and I have
no hesitation in recommending their election at the forthcoming Annual General
Meeting.

In accordance with the Company's Articles of Association, the Directors retiring
by rotation are Sir Andrew Burns and myself, and the Nomination Committee
recommends shareholders vote in favour of our re-elections.

Investment Manager

In August the Board announced that Mr. Ernest Liu, who has been involved in the
management of the Company's portfolio since August 2003, would continue to act
as the Company's named investment manager following Mr. Man Wing Chung's
decision to leave JPMorgan Asset Management. In early November the Board made a
further announcement, along with the Company's final results, that Mr. Howard
Wang would act as joint named investment manager with Mr. Liu. Mr. Wang is head
of JPMorgan Asset Management's Greater China team and is based in Hong Kong.
Immediately prior to joining JPMorgan, Mr. Wang spent eight years with Goldman
Sachs and most recently was Managing Director, Equities and General Manager of
their Taipei branch office.

Your Board believes it has the right personnel involved in the management of the
Company's assets and has every confidence in JPMorgan Asset Management's ability
to produce superior investment returns over the longer term.

Change of Company Name

In light of the change of our Manager's name from J.P. Morgan Fleming Asset
Management (UK) Limited to JPMorgan Asset Management (UK) Limited on 3rd May
2005, your Board considers it appropriate that the Company's name be changed to
JPMorgan Chinese Investment Trust plc. The Board will therefore propose a
resolution to change the Company's name at the forthcoming Annual General
Meeting.

Annual General Meeting

This year's Annual General Meeting will be held on Tuesday 13th December 2005 at
10.30 am at The Library, JPMorgan, 60 Victoria Embankment, London EC4Y 0SH. As
in previous years, in addition to the formal proceedings, there will be a
presentation by the investment manager, who will 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.

Outlook

Your Board believes that the continuing macro-economic changes and growth in
consumer spending in China make that market the most attractive within the
Greater China region. The recovery of confidence and of corporate results in
Hong Kong seems to be firmly established. There are short-term concerns about
Taiwan, including structural weaknesses in the domestic economy, but there
remain selective investment opportunities, particularly in the technology
sector. Although there are always short-term risks, we are optimistic that in
the longer term high economic growth associated with the Greater China region
will be more fully reflected in stock market returns.


Nigel Melville
Chairman, 7th November 2005




JPMorgan Fleming Chinese Investment Trust plc
Unaudited figures for the year ended 30th September 2005

Statement of Total Return (Unaudited)
                                                  Year ended 30 September 2005       Year ended 30 September 2004
                                                    Revenue     Capital      Total   Revenue     Capital       Total
                                                      £'000       £'000      £'000     £'000       £'000       £'000

Realised gains on investments during the year             -       2,919      2,919         -         998         998
Unrealised gains/(losses) on investments                  -       6,126      6,126         -       (503)       (503)
Transfer of warrant reserve on lapse of warrants          -           -          -         -       4,556       4,556
Currency losses                                           -         (6)        (6)         -       (156)       (156)
Other capital charges                                     -        (42)       (42)         -        (37)        (37)
Income from investments                               1,515           -      1,515     1,277           -       1,277
Other income                                             55           -         55       107           -         107
                                                    _______    ________    _______   _______    ________     _______

Gross return                                          1,570       8,997     10,567     1,384       4,858       6,242
Management fee                                        (423)           -      (423)     (395)           -       (395)
Other administrative expenses                         (284)           -      (284)     (260)           -       (260)
Performance fee                                           -       (211)      (211)         -           -           -
                                                    _______     _______    _______   _______     _______     _______

Return before taxation                                  863       8,786      9,649       729       4,858       5,587
Taxation                                              (222)          69      (153)      (65)           -        (65)
                                                    _______     _______    _______   _______     _______     _______

Return attributable to ordinary shareholders            641       8,855      9,496       664       4,858       5,522
Dividend payable                                      (616)           -      (616)     (676)           -       (676)
                                                    _______     _______    _______   _______     _______     _______

Transfer to/(from) reserves                              25       8,855      8,880      (12)       4,858       4,846

Return per ordinary share                             0.96p      13.23p     14.19p     1.03p       7.53p       8.56p

Dividend per ordinary share                           0.90p           -      0.90p     1.00p           -       1.00p





JPMorgan Fleming Chinese Investment Trust plc
Unaudited figures for the year ended 30th September 2005

BALANCE SHEET                                                                     30 Sept          30 Sept
                                                                                     2005             2004
                                                                                    £'000            £'000

Investments at valuation                                                           49,269           36,507

Net current assets                                                                    308            2,537

Provision for deferred taxation                                                      (38)             (35)
                                                                                  _______          _______
Total net assets                                                                   49,539           39,009
                                                                                    =====            =====
Net asset value per share                                                           72.4p            59.0p


CASH FLOW STATEMENT
                                                                                     2005             2004
                                                                                    £'000            £'000

Net cash inflow from operating activities                                             615              488

Net cash outflow from capital expenditure and financial investment                (3,154)          (3,802)

Equity dividend paid                                                                (661)            (369)

Net cash inflow from financing                                                      1,650            4,817
                                                                                  _______          _______
(Decrease)/increase in cash in the year                                           (1,550)            1,134
                                                                                    =====             ====


RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
                                                                                     2005             2004
                                                                                    £'000            £'000

Opening shareholders' funds                                                        39,009           33,902

Total net recognised gains for the year                                             9,496            5,522

Dividends appropriated during the year                                              (616)            (676)

Transfer on lapse of warrants                                                           -          (4,556)

Exercise of warrants                                                                    -                3

Issue of ordinary shares                                                            1,650            4,814
                                                                                  _______          _______
Closing shareholders' funds                                                        49,539           39,009
                                                                                    =====            =====




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
2004. These 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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