Interim Results

JPMorgan Fleming Eur Fldglng IT PLC
16 November 2004



          JPMORGAN FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC
                         STOCK EXCHANGE ANNOUNCEMENT OF
          UNAUDITED RESULTS FOR THE SIX MONTHS TO 30TH SEPTEMBER 2004


The Board today release the unaudited interim results of the Company for the six
months to 30th September 2004.

The following are comments from the Chairman:


Chairman's Interim Statement

Performance

It is pleasing to report on another positive six months for European equities
and that the Company's performance has reflected this. This performance was
aided by the Company being continually geared into the rising market. In the six
months to 30th September 2004, the Company produced a total return on net assets
of +8.5%. This compares with a return on the Company's benchmark index, the HSBC
Smaller European Companies (ex UK) Index, of +7.3%. The Company's share price
increased from 246.0p to 263.5p, an increase of 7.1%, during the six months,
although the discount to net asset value widened slightly from 17.5% to 18.6%.
The Company's objective is long term capital growth from smaller European
companies and it is the best performer within the AITC European Smaller
Companies sector over three, five and ten years. Due to the nature of the
underlying asset class and the volatile nature of markets generally, performance
can be volatile over the short term, but the Board judges performance over the
longer term.

In the six months to 30th September 2004, the Company repurchased a total of
950,000 ordinary shares in the market for cancellation for a total consideration
of £2,347,995. This enhanced the net asset value by 0.3%. Since 30th September
2004, the Company has not repurchased any additional shares.

Revenue and Dividend

Revenue after tax for the six months to 30th September 2004 was £892,000 (2003:
£956,000), which reflects a slight decrease from the previous year. As in
previous years, no dividend will be payable as the Company's investment
objective is to achieve capital growth in the long term.


Michael Hart
Chairman, 16th November 2004




For further information, please contact:

Jonathan Latter
J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 6000
Secretary to the Company




JPMorgan Fleming European Fledgeling Investment Trust plc
Unaudited figures for the six months ended 30 September 2004

Statement of Total Return (Unaudited)


                      Six months to 30 September 2004  Six months to 30 September 2003     Year to 31 March 2004
                        Revenue     Capital     Total   Revenue    Capital      Total   Revenue   Capital     Total
                          £'000       £'000     £'000     £'000      £'000      £'000     £'000     £'000     £'000

Realised(losses)/
gains on investments          -     (2,474)   (2,474)         -     12,804     12,804         -    28,974    28,974

Net unrealised gains
on investments                -      15,840    15,840         -     21,722     21,722         -    24,906    24,906

Currency (losses)/
gains on cash and
short term deposits
held during the year          -       (911)     (911)         -      (147)      (147)         -       248       248

Unrealised (losses)/
gains on Euro loans           -       (213)     (213)         -      (127)      (127)         -       260       260

Realised losses on
repayment of loan             -           -         -         -       (41)       (41)         -      (41)      (41)

Other capital charges         -        (14)      (14)         -       (46)       (46)         -      (57)      (57)

Overseas dividends        2,732           -     2,732     2,559          -      2,559     3,346         -     3,346

Scrip dividends             102           -       102        23          -         23        53         -        53

Deposit interest              4           -         4        15          -         15        17         -        17

Stock lending                20           -        20         -          -          -        30         -        30
                        _______     _______    ______   _______    _______     ______   _______   _______   _______

Gross return              2,858      12,228    15,086     2,597     34,165     36,762     3,446    54,290    57,736

Management fee            (847)           -     (847)     (717)          -      (717)   (1,431)         -   (1,431)

Other administrative
expenses                  (208)           -     (208)     (246)          -      (246)     (538)         -     (538)

Interest payable          (471)           -     (471)     (330)          -      (330)     (618)         -     (618)
                        _______     _______    ______   _______    _______     ______   _______   _______   _______

Return before             
taxation                  1,332      12,228    13,560     1,304     34,165     35,469       859    54,290    55,149

Taxation                  (440)           -     (440)     (348)          -      (348)        10         -        10
                         ______     _______    ______    ______    _______     ______   _______   _______   _______

Return attributable
to ordinary
shareholders                892      12,228    13,120       956     34,165     35,121       869    54,290    55,159

Return per ordinary
share                     1.64p      22.55p    24.19p     1.75p     62.66p     64.41p     1.59p    99.58p   101.17p





JPMorgan Fleming European Fledgeling Investment Trust plc
Unaudited figures for the six months ended 30th September 2004


  Balance Sheet                                                    30 September        30 September         31 March
                                                                           2004                2003             2004
  Assets                                                                  £'000               £'000            £'000

  Investments at valuation                                              202,256             157,061          175,182

  Net current liabilities                                              (28,911)             (6,115)         (12,609)

  Less: Euro loan                                                             -             (8,411)                -
                                                                      _________           _________        _________

  Total net assets                                                      173,345             142,535          162,573

  Net asset value per ordinary share (debt at par)                       323.6p              261.5p           298.2p





  Cash Flow Statement
                                                                           2004                2003             2004
                                                                          £'000               £'000            £'000

  Net cash inflow from operating activities                               1,543               1,224              890

  Net cash outflow from returns on investments and servicing
  of finance                                                              (449)               (403)            (695)

  Taxation recovered                                                         75                  87              204

  Net cash (outflow)/inflow from capital expenditure and
  financial investment                                                 (15,009)             (1,142)               11


  Net cash  inflow/(outflow) from financing                              14,485             (8,665)          (2,897)
                                                                        _______              ______           ______

  Increase/(decrease) in cash for the period                                645             (8,899)          (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.


J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED


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