Final Results

JPMorgan Emerging Mkts Invest Trust
15 September 2006

                       LONDON STOCK EXCHANGE ANNOUNCEMENT

                 JPMORGAN EMERGING MARKETS INVESTMENT TRUST PLC

           UNAUDITED FINAL RESULTS FOR THE YEAR ENDED 30TH JUNE 2006


It is a pleasure to be able to report for the third year running an excellent
performance. The Net Asset Value ('NAV') per share of the Company's assets rose
by 36.2% as against 31.3% for the benchmark index, the MSCI Emerging Markets
Free Index. The share price at the end of June was 299p, up 40.7% on the year
(in total return terms) with the discount to NAV having narrowed from 12.3% to
8.6% over the period. This means that over the last three years the Company's
share price has increased 183% as against an increase of the benchmark of 116%.

The performance over the year had its ups and downs. In the first six months the
NAV was up a staggering 38.3% and, as we indicated in our Interim Statement,
some levelling off was expected. In fact, the rise continued for a further two
months but then fell by some 13.5% in May, rebounding slightly in June to finish
just below the level it reached at the half way stage.

The merger with F&C Emerging Markets went through with revised terms and at no
cost to our shareholders on 11th April. The first proposal put forward in
November 2005 was overwhelmingly supported by both sets of shareholders, but one
of the major shareholders of F&C Emerging Markets objected to the terms and was
able to prevent the merger going forward. Whilst Emerging Markets in general
were seen positively in late 2005, by the end of the first quarter 2006
sentiment had turned negative, and this was the primary reason for the 30% take
up of the roll over option into the Company being considerably below that of the
original proposal. The actual merger went smoothly and has been a great success.
With a market capitalisation of around £350m we are now one of the major
Investment Companies in Emerging Markets and have a size which reflects our
position as the Flag Ship of the substantial JPMorgan Emerging Markets business.

One of the benefits of the enlarged Company is that it creates greater liquidity
in the shares, which tends to reduce the pressure on the discount.  However, the
primary reason for the narrowing of the discount was undoubtedly the continued
excellent performance.  Over the year, we did not consider it was in the
shareholders' interests to buy back any shares to assist in managing this
discount.

The income stream from the dividends of the companies in which we invest has
continued to increase this year.  Hence, whilst the Company will maintain its
policy of maximising capital growth, we are again proposing to pay dividends
only in order to retain our investment trust status.  We paid two special
dividends of 0.65p per share and 1.50p per share in January and May 2006
respectively, in connection with the F&C Emerging Markets merger.  The Board now
proposes, subject to shareholders' approval at the Annual General Meeting, to
pay a final dividend of 1.50p per share on 24th November 2006 to shareholders on
the register on 27th October 2006.  This would bring the total dividend for the
year under review to 3.65p (2005:2.45p).

As a Board we believe it is important to have the option to buy back shares to
be able to have some influence on discount volatility. However, we would prefer
to have the flexibility to hold these shares in Treasury and to reissue them at
a later date. Ideally we would like to be able to reissue the shares at a
premium or a discount to NAV depending on the circumstances, but we realise that
some shareholders are not comfortable with reissuing treasury shares at a
discount to NAV.  Therefore, whilst we intend to reserve the power to buy back
shares to hold in treasury, we will only reissue shares out of treasury at NAV
or at a premium.

The Board continues actively to review strategy and see that it is appropriate
for the ever-changing market in which we are operating. We also monitor the
Manager's performance on a regular basis and look to be informed on the measures
taken to ensure that the staffing and the decision making processes are the best
in the business. In our opinion the Manager is doing an excellent job and we
believe that their ongoing appointment continues to be in the interest of the
Company's shareholders as a whole. At the end of the year we formally reviewed
the performance of the Board, and the Deputy Chairman with the Board also
reviewed my performance as Chairman. No issues of concern came out of this
review.

The Board fully follows the Financial Reporting Council Combined Code and the
AITC Code of Corporate Governance and over the year we continued our policy of
refreshing Board membership. Following the merger with F&C Emerging Markets, Val
Powell and David Gamble joined the Board. Both will bring with them a wealth of
experience and I have no hesitation in recommending their formal ratification at
the AGM. In accordance with the Company's Articles of Association, Anatole
Kaletsky will retire by rotation at the AGM. He has added enormous value to the
Board over the last three years, and again I would fully endorse his
re-election. At the end of September Roy Peters will retire after 12 years with
the Company and I would like to thank him for the enormous contribution he has
made, in the good and bad times. He has been a pleasure to work with and his
experience and knowledge of the investment world will be missed. With Roy's
departure Alan Saunders took over as Chairman of the Audit Committee at the end
of July and will assume the position of Senior Independent Director at the end
of September.

We also reviewed the fees of the Directors at the annual Remuneration Committee
Meeting in July. These fees were last revised in April 2004. In order to get an
independent view we asked Trust Associates to advise on what level of
remuneration would be appropriate bearing in mind the current levels of
remuneration in the market place and the general level of workload now
experienced by Non-Executive Directors. They proposed, and the Board accepted,
annual fees of £27,500 for the Chairman, £22,000 for the Chairman of the Audit
Committee and £18,000 for Directors.

We have now had three very successful years and we will clearly be working with
the Manager to make it four. However, whilst Emerging Markets are to a degree
beginning to create their own momentum, with growth in China in double digits
and India at 9%, the general political and economic uncertainties remain and
will continue to impact on share prices and contribute to periods of volatility.
Moreover, we have to recognise that shares in Emerging Markets are no longer at
the big discounts to shares in say Europe and the USA. That said, the Investment
Manager is seeing attractive new investment opportunities on his radar screen
and therefore we remain reasonably optimistic for the coming year, although we
expect growth to be well below the stellar levels of the last three years.

Roy Reynolds

Chairman

15th September 2006


For further information please contact:

Philip Jones, JPMorgan Asset Management (UK) Limited ............. 020 7742 7214



JPMorgan Emerging Markets Investment Trust plc
Unaudited figures for the year ended 30th June 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            -      65,198      65,198          -      73,976      73,976
through profit or loss

Income from investments                          8,021           -       8,021      5,232           -       5,232
Other interest receivable and similar           467              -         467        203           -         203
income
                                               _______    ________     _______    _______    ________     _______

Gross return                                     8,488      65,198      73,686      5,435      73,976      79,411

Management fee                                 (3,088)           -     (3,088)    (1,867)           -     (1,867)

Performance fee                                      -     (1,338)     (1,338)          -     (2,741)     (2,741)

Other administrative expenses                    (656)           -       (656)      (542)           -       (542)

                                               _______     _______     _______    _______     _______     _______

Net return on ordinary activities before
finance costs and taxation                       4,744      63,860      68,604      3,026      71,235      74,261
Finance costs                                     (12)           -        (12)        (2)           -         (2)

                                               _______     _______     _______    _______     _______     _______

Net return on ordinary activities before
taxation                                         4,732      63,860      68,592      3,024      71,235      74,259
Taxation                                         (654)           -       (654)      (439)           -       (439)

                                               _______     _______     _______    _______     _______     _______

Net return on ordinary activities after
taxation                                         4,078      63,860      67,938      2,585      71,235      73,820
                                                 =====       =====      ======     ======      ======      ======

Return per share                                 4.30p      67.34p      71.64p      2.87p      78.98p      81.85p



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





JPMorgan Emerging Markets Investment Trust plc
Unaudited figures for the year ended 30th June 2006

Reconciliation of Movements in Shareholders' Funds


                                   Called up               Capital
                                     Share       Share    redemption    Other      Capital    Revenue
                                    Capital     Premium      reserve   reserve     Reserve    reserve    Total
                                     £'000       £'000       £'000      £'000       £'000      £'000     £'000
                                                                                         
At 30th June 2004                      22,548          -        1,665   69,939        54,534     (331)    148,355

Net return from ordinary                   -           -           -          -       71,235     2,585    73,820
activities

                                      _______    ________    ________    _______     _______   _______   ________
At 30th June 2005 (Restated)*          22,548           -       1,665    69,939      125,769     2,254    222,175

Adjustment to opening
shareholders' funds to reflect
the adoption of bid prices                  -           -           -          -     (1,162)         -    (1,162)

Shares issued                           5,027      71,052           -          -           -         -     76,079

Net return from ordinary                    -           -           -          -      63,860     4,078     67,938
activities

Dividends appropriated in the year          -           -           -          -           -   (4,149)    (4,149)
                                      _______    ________    ________    _______     _______  ________   ________
At 30th June 2006                      27,575      71,052       1,665     69,939     188,467     2,183    360,881



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




JPMorgan Emerging Markets Investment Trust plc
Unaudited figures for the year ended 30th June 2006

Balance sheet
                                                                                                               2005
                                                                                                  2006  (Restated)*
                                                                                                 £'000        £'000
Fixed assets
Investments at fair value through profit or loss                                               360,069      211,152

Net current assets                                                                                 993       12,292

Creditors: Amounts due after more than one year                                                  (181)      (1,269)
                                                                                           -----------    ---------
Total net assets                                                                               360,881      222,175
                                                                                                 =====        =====
Net asset value per share                                                                       327.2p       246.3p

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


Cash Flow Statement
                                                                                                  2006         2005
                                                                                                 £'000        £'000

Net cash inflow from operating activities                                                        1,840        1,396

Net cash outflow from returns  on investments and servicing of finance                            (11)          (2)

Net cash (outflow)/inflow from capital expenditure and financial investment                   (10,842)        5,902

Dividends paid                                                                                 (4,149)            -

Net cash inflow from financing                                                                   2,113            -
                                                                                               _______      _______
(Decrease)/ increase in cash for the year                                                     (11,049)        7,296
                                                                                                 =====         ====


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 AITC 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 July 2005
decreased the value of investments by £1,162,000.

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
£2,210,000 at 30th June 2005.


2. Dividends
                                                                                              2006        2005
                                                                                             £'000       £'000
Final dividend of 2.45p paid November 2005 (2004: nil)                                       2,210           -
Special dividend of 0.65p paid January 2006 (2005: nil)                                        586           -
Special dividend of 1.5p paid May 2006 (2005: nil)                                           1,353           -
                                                                                        ----------   ---------
Total dividends paid in the year                                                             4,149           -
                                                                                             =====       =====
Final dividend payable of 1.5p (2005: 2.45p)                                                 1,655       2,210



The final dividend has been proposed in respect of the year ended 30th June 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 June 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
June 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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