Interim Results

JPMorgan Fleming Eur Fldglng IT PLC
12 December 2003


           JPMORGAN FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC

                         STOCK EXCHANGE ANNOUNCEMENT OF
          UNAUDITED RESULTS FOR THE SIX MONTHS TO 30TH SEPTEMBER 2003

The Board today release the unaudited interim results of the Company for the six
months to 30th September 2003.

The following are comments from the Chairman:

Chairman's Interim Statement

Performance


It is pleasing to report that there has been an improvement in European
equities, particularly within the small and micro-cap section of the market, and
that the Company has delivered a positive performance. This performance has been
aided by the Company being continually geared into the rising market. In the six
months to 30th September 2003 the Company produced a total return on net assets
of +32.8%.



The Company's share price increased from 144.5p to 200.0p, an increase of 38.4%,
during the six months, assisted by a narrowing of the discount to net asset
value from 26.6% to 23.5%.



The Company's objective is long term capital growth from Smaller European
Companies, and the Company is the best performer within the AITC European
Smaller Companies sector over five and ten years. However, as can be expected,
performance has been more volatile over the short term, although in relation to
the objective of the Company its performance should be judged over the longer
term.



In the six months to 30th September 2003 the Company repurchased a total of
150,000 ordinary shares in the market for cancellation for a total consideration
of £222,445. Since 30th September 2003 the Company has not repurchased any
additional shares.



Revenue and Dividend



Revenue after tax for the six months to 30th September 2003 was £956,000 (2002:
£881,000), which reflects a slight increase from the previous year and can be
attributable to reductions in management fee, and interest payable.



As in previous years no dividend will be payable as the Company's investment
objective is to achieve capital growth in the long term.



Board of Directors



I would also like to inform shareholders that Patrick Gifford retired as a
Director on 22nd July 2003. On the behalf of the Board, I sincerely thank
Patrick for the valuable contribution he has made to the Company during his time
as a Director.



Michael Hart

Chairman



12th December 2003





For further information, please contact:

Hilary Lowe
J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 3274
Secretary to the Company


JPMorgan Fleming European Fledgeling Investment Trust plc
Unaudited figures for the six months ended 30 September 2003

Statement of Total Return (Unaudited)


                     Six months to 30 September 2003  Six months to 30 September 2002     Year to 31 March 2003
                       Revenue     Capital     Total   Revenue    Capital      Total   Revenue   Capital     Total
                         £'000       £'000     £'000     £'000      £'000      £'000     £'000     £'000     £'000

Realised gains/
(losses) on
investments                  -      12,804    12,804         -   (22,502)   (22,502)         -  (39,813)  (39,813)
Net change in
unrealised
appreciation                 -      21,722    21,722         -   (21,666)   (21,666)         -   (2,962)   (2,962)
Currency (losses)/
gains on cash and
short term deposits
held during the
period                       -       (147)     (147)         -      (117)      (117)         -       245       245
Unrealised losses on
Euro Loans                   -       (127)     (127)         -      (592)      (592)         -   (1,787)   (1,787)
Realised losses on
repayment of loan            -        (41)      (41)         -          -          -         -   (1,046)   (1,046)      
   
Other capital
charges                      -        (46)      (46)         -      (159)      (159)         -     (198)     (198)
Overseas dividends       2,559           -     2,559     2,706          -      2,706     3,359         -     3,359
Scrip dividends             23           -        23         -          -          -        14         -        14
Deposit interest            15           -        15       143          -        143       199         -       199
                       _______     _______    ______   _______    _______     ______   _______   _______   _______

Gross return/(loss)      2,597      34,165  (36,762)     2,849   (45,036)   (42,187)     3,572  (45,561)  (41,989)

Management fee           (717)           -     (717)     (913)          -      (913)   (1,555)         -   (1,555)

Other administrative
expenses                 (246)           -     (246)     (103)          -      (103)     (303)         -     (303)
Interest payable         (330)           -     (330)     (606)          -      (606)   (1,150)         -   (1,150)

                       _______     _______    ______   _______    _______     ______   _______   _______   _______
Return/(loss) before
taxation                 1,304      34,165    35,469     1,227   (45,036)   (43,809)       564  (45,561)  (44,997)
Taxation                 (348)           -     (348)     (346)          -      (346)     (290)         -     (290)

                        ______     _______    ______    ______    _______     ______   _______   _______   _______
Return/(loss)
attributable to
ordinary
shareholders               956      34,165    35,121       881   (45,036)   (44,155)       274  (45,561)  (45,287)

Return/(loss) per
ordinary share           1.75p      62.66p    64.41p     1.53p   (78.30)p   (76.77)p     0.48p  (79.91)p  (79.43)p


JPMorgan Fleming European Fledgeling Investment Trust plc
Unaudited figures for the six months ended 30th September 2003


  Balance Sheet                                                    30 September        30 September         31 March
                                                                           2003                2002             2003
  Assets                                                                  £'000               £'000            £'000


  Investments at valuation                                              157,061             125,354          119,862

  Net current (liabilities)/assets                                      (6,115)              10,857          (3,896)

  Long term loan                                                        (8,411)            (23,566)          (8,284)

  Deferred taxation                                                           -                 (4)             (39)
                                                                      _________           _________        _________

  Total net assets                                                      142,535             112,641          107,643

  Net asset value per ordinary share                                     261.5p              197.0p           196.9p


  Cash Flow Statement

                                                                           2003                2002             2003
                                                                          £'000               £'000            £'000

  Net cash inflow from operating activities                               1,224               1,228              921

  Net cash outflow from returns on investments and servicing              (403)               (625)          (1,158)
  of finance

  Taxation recovered                                                         87                 113              154

  Net cash (outflow)/inflow from capital expenditure and
  financial investment                                                  (1,142)              11,091           14,612

  Net cash outflow from financing                                       (8,665)             (2,142)         (15,136)
                                                                        _______              ______           ______

  (Decrease)/increase in cash for the period                            (8,899)               9,665            (607)
                                                                          =====                ====             ====


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
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


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