Final Results

JPMorgan Fleming Emerge Mkts IT PLC
01 October 2004


           JPMORGAN FLEMING EMERGING MARKETS INVESTMENT TRUST PLC
                       STOCK EXCHANGE ANNOUNCEMENT


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


Chairman's Statement


We have had a good year both in absolute and relative terms. Our NAV rose by
28.0% and we comfortably outperformed our benchmark, the MSCI Emerging Markets
Free Index, which rose by 21.1%. Moreover, Emerging Markets in general
outperformed traditional markets, where the MSCI World Index was up by only
12.8%.

The Board is particularly pleased with our significant out-performance against
the Index and the positive contributions from both stock selection and asset
allocation. This followed on from discussions with the Manager in the 4th
Quarter 2003 on ways to improve our results. The Manager suggested, and the
Board agreed, that the portfolio should be more concentrated, taking more active
money positions and that the investment decisions should be driven by greater
conviction making full use of the extensive and unique JPMorgan Fleming on the
ground country knowledge. This was combined with a more structured central
overview of sector and country allocation. We believe that this approach plays
to the Manager's strengths and we are confident that it will allow us, on
average, to beat our benchmark.

One of the issues that still concerns us is the market discount to NAV. The
monthly average discount has however reduced somewhat this year to 14.1% as
against 17.2% last year. It was in fact as low as 10.9% in September 2003, but
it had widened to 16.2% at the end of June. We continually monitor the position
but, particularly in the light of the discounts on other trusts in our peer
group, there was no occasion when the Board felt that it was in the
shareholders' interest to buy back shares. Nevertheless, at the Annual General
Meeting we will be requesting a renewal of the buyback mandate to maintain this
option to control the discount.

The Board now follows fully the recommendations in the AITC Code regarding
Corporate Governance and there is a section in the Annual Report on the measures
being taken. You will see that we now have separate committees for Board
Nominations and for Remuneration, as well as for Audit. Also, we have introduced
the position of Deputy Chairman, which is filled by Roy Peters.

Whilst we actively monitor the Managers' performance as a priority over the
year, we formally carried out a detailed review process at the end of June. This
concluded that they are now delivering results in terms of investment
performance and responding positively and quickly to on-going issues as they
arise. Your Board has therefore concluded that their continued appointment is in
the best interests of shareholders as a whole. The Management Agreement was
reviewed and in doing so the notice period was reduced to six months except in
the case where a decision is taken for reconstruction or amalgamation when it
will remain at 12 months. As you will be aware, the management fee structure was
reviewed last year and the 1.25% fixed fee was replaced by a 1% fixed fee and a
bonus element for out-performance. As a result of the excellent performance this
year the performance fee payable will amount to 0.75% of the total assets at the
year end, all of which will be paid with £nil carried forward.

The Board has also formally reviewed its own performance and my position as
Chairman was considered separately by the Board under the chairmanship of the
Deputy Chairman. The review concluded that the Board is functioning well and
there are no issues of concern. With five Non-Executive Directors we believe it
is the correct size with a good balance of knowledge and experience. We do,
however, feel that it is important that we continue to renew ourselves, and
hence whilst Patrick Gifford is up for re-election at the Annual General
Meeting, the intention is that after 14 years on the Board he will retire in the
first half of 2005.

Replacing Patrick with all his experience will not be easy and with the
increased time requirements for Non-Executive Directors it is important that the
level of fees paid to Directors is at least comparable with those of other
Trusts of comparable size and investment objective. Accordingly, the
Remuneration Committee carried out a review of Directors fees in April
(previously increased in January 2002) and agreed that they would be increased
from 1st July 2004 to £15,000 for Directors, £17,500 for the Chairman of the
Audit Committee and £22,500 for the Chairman. Whilst the aggregate Directors
fees remain within the £100,000 per annum specified in the Company's Articles,
you will see that at the Annual General Meeting we are asking that this
aggregate figure be increased to £150,000 to allow some flexibility in
appointment of Directors.

Despite inevitable uncertainty, Emerging Markets are in general seen to be areas
of higher growth, with China and India in particular now starting to have a
significant impact on the world economy. Moreover, the risks relative to the
developed countries are much lower than a few years ago. Therefore the Board is
positive about the opportunities for investments in Emerging Markets over the
next few years. We also believe that JPMorgan Fleming as Manager are equipped to
outperform the sector, and they themselves are looking at our Trust to be their
flagship global Emerging Markets fund. At the Annual General Meeting the Board
will be very positive in recommending that you vote in favour of the
continuation of the Company as an investment trust for a further three years.

Finally, I would like to stress how we as a Board believe it is important to
communicate with our shareholders and potential shareholders and I would urge
you to keep in contact with your investment through our web site
www.jpmfemergingmarkets.com.


Roy Reynolds

Chairman, 1st October 2004


For further information, please contact:

Philip Jones

J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 7214

Secretary to the Company


JPMorgan Fleming Emerging Markets Investment Trust plc

Unaudited figures for the year ended 30 June 2004



Statement of Total Return (Unaudited)


                                                      Year ended 30 June 2004          Year ended 30 June 2003
                                                    Revenue     Capital      Total   Revenue     Capital      Total
                                                      £'000       £'000      £'000     £'000       £'000      £'000


Realised gains/(losses) on investments                    -       6,359      6,359         -     (5,140)    (5,140)
Net unrealised gains/(losses) on investments              -      25,330     25,330         -       (259)      (259)
Currency losses on cash and short-term deposits
held during the year                                      -       (285)      (285)         -       (465)      (465)
Realised gain on repayment of US Dollar loan              -           -          -         -         729        729
Other capital charges                                     -        (12)       (12)         -        (16)       (16)
Income from investments                               4,446           -      4,446     2,950           -      2,950
Other income                                             28           -         28        63           -         63
                                                    _______    ________    _______   _______    ________    _______

Gross return/(loss)                                   4,474      31,392     35,866     3,013     (5,151)    (2,138)

Management fee                                      (1,385)           -    (1,385)   (1,423)           -    (1,423)

Other administrative expenses                         (471)           -      (471)     (437)           -      (437)

Performance fee                                           -     (1,119)    (1,119)         -           -          -

Interest payable                                        (2)           -        (2)     (229)           -      (229)

                                                    _______     _______    _______   _______     _______    _______

Net return/(loss) before taxation                     2,616      30,273     32,889       924     (5,151)    (4,227)

Taxation                                              (390)           -      (390)     (297)           -      (297)

                                                    _______     _______    _______   _______     _______    _______

Transfer to/(from) reserves                           2,226      30,273     32,499       627     (5,151)    (4,524)

Return/(loss) per ordinary share                      2.47p      33.56p     36.03p     0.69p     (5.71)p    (5.02)p


JPMorgan Fleming Emerging Markets Investment Trust plc

Unaudited figures for the year ended 30 June 2004


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

Investments at valuation                                                          142,071          115,549

Net current assets                                                                  6,284              307
                                                                                  _______          _______
Total net assets                                                                  148,355          115,856

                                                                                    =====            =====
Net asset value per share                                                          164.5p           128.5p



CASH FLOW STATEMENT
                                                                                     2004             2003
                                                                                    £'000            £'000

Net cash inflow from operating activities                                           1,915              474

Net cash outflow from returns on investments and servicing of
finance                                                                               (2)            (229)

Net tax recovered                                                                       -                1

Net cash inflow from capital expenditure and financial investment                   5,608            8,401

Net cash outflow from financing                                                   (2,967)         (12,049)
                                                                                  _______          _______
Increase/(decrease) in cash in the year                                             4,554          (3,402)
                                                                                    =====            =====


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
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

1st October 2004


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