Director Retirement

JPMorgan Fleming Eur Fldglng IT PLC
24 July 2003

STOCK EXCHANGE ANNOUNCEMENT



JPMORGAN  FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC



24th July 2003



Changes to the Board



The Board of JPMorgan Fleming European Fledgeling Investment Trust plc announce
that Mr Patrick Gifford has retired as a non-executive Director of the Board
with effect from 22nd July 2003.  The Board sincerely thanks Mr Gifford for his
valuable contributions during his time on the Board.



For further information, please contact:

Hilary Lowe, Company Secretary

J.P. Morgan Fleming Asset Management (UK) Ltd - Secretary 020 7742 6000




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