Final Results

Fleming Emerging Mkts Inv Tst PLC
11 September 2002


THE FLEMING EMERGING MARKETS INVESTMENT TRUST PLC

STOCK EXCHANGE ANNOUNCEMENT

Unaudited Results for the year ended 30th June 2002

Chairman's Review

Shareholders this year have been subjected to some of the most extreme overall
market volatility we have experienced in the 12 year life of your company, even
though we have become somewhat used to crises in developing countries. At year
end, there is surely some feeling of relief even as we report a disappointing
result with the share price declining 4.3 percent.  Nevertheless, our NAV has
outperformed our benchmark by 0.5 percent.

While we have given back all the gains made in the period December to March,
commented on in the interim statement, emerging markets have in general resisted
remarkably well the ongoing global bear market and we have not seen the low
prices of last September again repeated. This is a welcome result, with the
market in general being more willing to accept emerging market risk and the
fact, as our investment manager often reminds us, that relative to other
markets, our stock selections are undervalued. Our market discount remains at
similar levels to last year and declines have been temporary but we are
optimistic that the discount will narrow when markets recover.

In today's global bear market, we cannot but be cautious about the outlook for
the coming months. Our chosen companies are often heavily dependent on exports
to the USA and we therefore need fears of continued US recession and a weak
dollar to recede before we can be totally positive. We also need to see the
outcome of the Brazilian election in October, and are mindful of the
implications of war possibilities in Iraq.

Given the relatively steady level of the discount in a difficult market and the
high volatility, we have again not found it prudent to buy back many shares -
during the year 1,260,000 were purchased. We will again be seeking authority to
repurchase this year.

Your Board has undertaken an in-depth analysis of the effectiveness of our
gearing the portfolio.  We have decided to reduce our borrowings over time and
at appropriate market levels.

Your Board has been strengthened by the appointment of Alan Saunders who will
seek election at the annual meeting. Alan has long experience as a professional
investment manager and will be invaluable in helping the Board get closer to
some of the difficult issues and choices faced by our managers.

A resolution will be put to the annual meeting to change the company's name to
JP Morgan Fleming Emerging Markets Investment Trust plc reflecting our manager's
new corporate ownership. Your Board supports this. During the past year, the
emerging market investment management teams of JP Morgan and Flemings have been
merged, resulting in the departure of some management individuals who have
served your company well. Your Board has sought reassurance from the management
that these changes will truly lead to better performance for the shareholders.
We will continue to monitor the new situation closely, but believe the new
structure should be able to deliver what we seek.

We will also be proposing to change the five year requirement for a continuation
vote of your Company, as agreed at the last Annual General Meeting, to three
years.

It has clearly been a difficult year and uncertainty continues.  I do believe
however that we have a balanced and well managed portfolio which is properly
positioned for today's market.

Roger Murray

Chairman                           10th September 2002



For further information, please contact:

Sara Waltham

J.P.  Morgan Fleming Asset Management (UK) Ltd               0207 742 5531







The Fleming Emerging Markets Investment Trust plc

Unaudited figures for the year ended 30th June 2002



Statement of Total Return (Unaudited)


                                                  Year ended 30 June 2002               Year ended 30 June 2001

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


Realised losses on investments                            -     (3,117)    (3,117)         -     (6,358)     (6,358)
Net change in unrealised appreciation                     -     (5,893)    (5,893)         -    (39,137)    (39,137)
Currency losses on cash and short-term deposits
held during the year                                      -       (438)      (438)         -       (117)       (117)
Unrealised currency gains/(losses) on US Dollar           -       1,320      1,320         -     (1,212)     (1,212)
loan                                                    
Other capital charges                                     -        (20)       (20)         -         (2)         (2)
Income from Investments                               2,915           -      2,915     2,173           -       2,173
Other Income                                             95           -         95        59           -          59
                                                    _______    ________    _______    ______     _______    ________

Gross return                                          3,010     (8,148)    (5,138)     2,232    (46,826)    (44,594)

Management fee                                      (1,790)           -    (1,790)   (2,106)           -     (2,106)

Other administrative expenses                         (315)           -      (315)     (562)           -       (562)

Interest payable                                      (849)           -      (849)   (1,340)                 (1,340)

                                                    _______     _______    _______    ______     _______     _______

Net return before taxation                               56     (8,148)    (8,092)   (1,776)    (46,826)    (48,602)

Taxation                                              (259)          30      (229)     (216)           -       (216)

                                                    _______     _______    _______    ______     _______     _______

Transfer from reserves                                (203)     (8,118)    (8,321)   (1,992)    (46,826)    (48,818)


Return per ordinary share                           (0.22)p     (8.98)p    (9.20)p   (2.17)p    (51.12)p    (53.29)p






The Fleming Emerging Markets Investment Trust plc

Unaudited figures for the year ended 30th June 2002


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

Investments at valuation                                                          129,347          143,317


Net current (liabilities)/assets                                                  (8,967)            3,622

Long term loan                                                                          -         (17,065)

Provision for liabilities and charges                                                   -             (30)
                                                                                  _______          _______
Total net assets                                                                  120,380          129,844
                                                                                    =====            =====
Net asset value per share                                                          133.5p           142.0p



CASH FLOW STATEMENT
                                                                                     2002             2001
                                                                                    £'000            £'000

Net cash inflow/(outflow) from operating activities                                   479            (587)

Net cash outflow from returns on investments and servicing of                       (849)          (1,340)
finance                                                                             

Total tax recovered                                                                    77              151

Net cash inflow from capital expenditure and financial investment                   5,101            8,147

Net cash outflow from financing                                                   (1,216)          (3,214)
                                                                                  _______           ______
Increase in cash in the year                                                        3,592            3,157
                                                                                    =====             ====



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 June
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



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