Final Results

JPMorgan Fleming Eur Fldglng IT PLC
08 June 2005


            JPMORGAN FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC

                          STOCK EXCHANGE ANNOUNCEMENT



The Board today announces the preliminary results of the Company for the year
ended 31st March 2005.


Chairman's Statement


Review of the year


I am delighted to report that the Company's performance during the year to 31st
March 2005 continued in the same positive manner as that of the previous year.
This reflected not only the favourable investment climate for Continental
European equities but the outperformance of the investment managers. As a
consequence, the Company produced a total return to shareholders of +50.3% which
follows on from the +70.2% in the previous twelve months. This is an excellent
return to shareholders.

The underlying return on net assets was +41.4%, the net asset value per share
increasing from 298.2p in the year to 31st March 2004 to 421.8p. The investment
managers substantially outperformed their benchmark, the HSBC Smaller European
Companies (ex UK), which returned +31.8%, an outperformance of 9.6 percentage
points.

It is important to remember that as this is a volatile asset class, the Board
judges the investment performance over the long term. It is, therefore, pleasing
to report that the Company has continued to beat its benchmark in NAV total
return terms over five and ten years. The Company is also first in its peer
group over a ten year period.

The Board continues to believe that, used skilfully, one of the benefits of an
investment trust is the ability to gear, and this is a key advantage that
investment trusts have over other collective investment vehicles. The Board
discusses gearing regularly with the investment managers and sets parameters
within which they operate. The level of gearing chosen depends on the managers'
view of the investment climate at any particular time. The current gearing range
is from 10% cash to 20% geared, and any level outside of this range will need to
be discussed by the Board. The actual level of gearing at 31st March 2005 was
4.9%, though during the year gearing ranged from 2% to 20%. The performance
attribution table shows that the gearing policy had a positive effect on the
relative performance against the benchmark during the year, being responsible
for 4.6% of the 9.6% outperformance.

The level of discount of the share price to net assets at the year end reduced
from 17.5% to 12.3% but the discount volatility continues to disappoint. The
discount ranged from 12.3% to 21.9%. Whilst volatility is a feature of the asset
class, given the excellent performance of the Company, a more stable discount
might have been anticipated.

During the year the Company repurchased a total of 950,000 ordinary shares for
cancellation at a total cost of £2,347,995. It is the Board's view that it is in
the interests of shareholders to maintain an option to repurchase shares as it
is a facility to manage any imbalance between the supply and demand of the
Company's shares. A resolution to renew this authority will be put to
shareholders at the forthcoming AGM. In addition, following changes to company
law which took effect in December 2003, the Company can now hold up to 10% of
its share capital in 'treasury' following share buybacks. Treasury shares
provide the Board with increased flexibility as shares held in treasury do not
need to be cancelled immediately and can be reissued at a later date. The Board
believes the effective use of Treasury shares could improve the management of
the liquidity and discount of the Company's shares and be in the best long term
interests of shareholders.

The Company would purchase shares at a discount to their prevailing net asset
value, hold them in treasury, available for reissue when market demand is
identified. Reissues would be made at a discount narrower than the weighted
average discount at which purchases are made.

This process ensures that the enhancement in net asset value associated with
share purchases exceeds the dilution in net asset value associated with the
reissue of treasury shares at a discount. The Company's ability to reissue
shares will be constrained in order to strictly limit the dilution associated
with the reissue of treasury shares at a discount to a maximum of 0.5% of net
asset value in any year.

The Company's objective is capital growth from smaller European companies. In
the light of this, it is not policy to pay dividends. Although for the year
under review there was a small surplus of 0.46p per share on the revenue
account, it remains unlikely that dividends will be payable in the future due to
the substantial accumulated loss on the revenue reserve.

The Company operates in accordance with corporate governance best practice and
the Board is committed to the highest standards of corporate governance as
applicable to investment trust companies. Shareholders' attention is drawn to
the comprehensive compliance statements in the Corporate Governance section of
this Report on pages 20 to 24. However, I would particularly wish to emphasise
that the Board rigorously and regularly appraises investment performance and the
overall business management and administrative support provided by the Manager.
Investment performance in this volatile asset class needs to be measured over
the medium to longer term, an investment horizon of three to ten years. As can
be seen from the comparative performance against the benchmark, the investment
managers have performed well against this measure. The Company also receives
excellent administrative support from the Manager. The Board is, therefore,
satisfied that the continuing appointment of the Manager is in the best
interests of shareholders.

John Thornton stands down from the Board at the forthcoming AGM having served as
a Director since 1994. John has made a major and valued contribution to the
affairs of the Company, particularly as Chairman of the Audit Committee. I thank
him on behalf of the Board and shareholders for this. On 13th May 2005 the Board
appointed Tony Davidson as a Director. On the behalf of the Board and
shareholders I would formally like to welcome him to the Board. Having been
appointed by the Board during the year, he will stand for election at the
forthcoming AGM. It is the intention of the Board for Tony to Chair the Audit
Committee following John's retirement at the AGM.

Your Directors and I very much look forward to welcoming you to the Company's
AGM which will be held at JPMorgan's Aldermanbury office on Thursday 14th July
2005 at 12.00 noon. The investment managers will review the past year and
comment on the outlook for the current year. If you have any detailed or
technical questions, you may wish to 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 in person are encouraged to use their proxy
votes. For the first time, shareholders who hold their shares through CREST are
this year able to lodge their proxy votes electronically.


Michael Hart
Chairman        8th June 2005


JPMorgan Fleming European Fledgeling Investment Trust plc
Unaudited figures for the year ended 31 March 2005

Statement of Total Return (Unaudited)

                                                  Year ended 31 March 2005             Year ended 31 March 2004
                                                    Revenue     Capital       Total   Revenue   Capital       Total
                                                      £'000       £'000       £'000     £'000     £'000       £'000

Realised gains on investments                             -      26,087      26,087         -    28,974      28,974
Unrealised gains on investments                           -      40,786      40,786         -    24,906      24,906
Currency (losses)/gains on cash and short-term                                        
deposits held during the year                             -       (823)       (823)         -       248         248 
Unrealised currency gains on Euro loans                   -           -           -         -       260         260
Unrealised loss on currency hedge                         -        (39)        (39)         -         -           -
Realised currency losses on Euro loans                    -       (393)       (393)         -      (41)        (41)
Other capital charges                                     -           -           -         -      (57)        (57)
Income from investments                               4,156           -       4,156     3,399         -       3,399
Other income                                             62           -          62        47         -          47
                                                    _______    ________     _______   _______   _______     _______

Gross return                                          4,218      65,618      69,836     3,446    54,290      57,736

Management fee                                      (1,899)           -     (1,899)   (1,431)         -     (1,431)
Other administrative expenses                         (439)           -       (439)     (538)         -       (538)
Interest payable                                      (970)           -       (970)     (618)         -       (618)
                                                    _______     _______     _______   _______   _______     _______

Return before taxation                                  910      65,618      66,528       859    54,290      55,149

Taxation                                              (819)           -       (819)        10         -          10
                                                    _______     _______     _______   _______   _______     _______

Transfer to reserves                                     91      65,618      65,709       869    54,290      55,159

Return per ordinary share                             0.17p     121.70p     121.87p     1.59p    99.58p     101.17p



JPMorgan Fleming European Fledgeling Investment Trust plc
Unaudited figures for the year ended 31 March 2005

SUMMARISED BALANCE SHEET                                                    31 March              31 March
                                                                                2005                  2004
                                                                               £'000                 £'000

Investments at valuation                                                     237,033               175,182

Net current liabilities                                                     (11,099)              (12,609)
                                                                             _______               _______
Total net assets                                                             225,934               162,573
                                                                               =====                 =====
Net asset value per ordinary share                                            421.8p                298.2p


SUMMARISED CASH FLOW STATEMENT
                                                                                2005                  2004
                                                                               £'000                 £'000

Net cash inflow from operating activities                                      1,019                   890

Net cash outflow from servicing of finance                                   (1,025)                 (695)

Total tax  recovered                                                             211                   204

Net cash (outflow)/inflow from capital expenditure and
financial investment                                                         (3,677)                    11

Net cash inflow/(outflow) from financing                                      17,857               (2,897)
                                                                             _______               _______
Increase/(decrease) in cash for the year                                      14,385               (2,487)
                                                                               =====                 =====



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 period ended 31 March
2004. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies. The preliminary announcement
is prepared on the same basis as the previous year's annual accounts.


JPMORGAN  ASSET MANAGEMENT (UK) LIMITED




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