Interim Results

JPMorgan Overseas IT PLC
02 March 2007


                       LONDON STOCK EXCHANGE ANNOUNCEMENT

                     JPMORGAN OVERSEAS INVESTMENT TRUST PLC

                  PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS


The Directors of JPMorgan Overseas Investment Trust plc announce the Company's
results for the period ended 31st December 2006.

I am pleased to be able to report that the Company made a good return of 8.5%
for shareholders during the six months ending 31st December. The return on net
assets was 7.3% which was just ahead of the MSCI World Index return of 7.0%.

The discount control system worked well and maintained the share price at a
discount of around 5% from the net asset value per share. This did entail buying
in almost 3 million shares for cancellation but remaining shareholders had the
benefit of the enhancement to net asset value per share which resulted from
buying in shares at a discount.

The Company's investment manager, Ed Walker, continues to run a high conviction
portfolio of about 80 stocks for the Trust. As these stocks are predominantly in
overseas companies and only 7.9% in UK companies, the rise in the value of
sterling against the US dollar, the euro and the yen during the period did have
a detrimental effect upon returns. Nevertheless, a return on net assets of 7.3%
over 6 months, following the last two full years when the Company made 17.6% and
11.9%, is a creditable performance.

Our expectation is that the growth in world markets will continue, albeit at a
slower rate than in recent times. Corporate profits are still growing and stock
valuations relative to earnings are not demanding. The Company's investment
manager endeavours to pick those stocks which will outperform, although we
cannot expect him to be right on every occasion. Nevertheless, I do believe that
there are grounds for expecting another positive performance by the Company over
the remainder of this financial year.

George Paul
Chairman


2nd March 2007


For further information:

Philip Jones
For and on behalf of
JPMorgan Asset Management (UK) Limited - Secretary
020 7742 6000


JPMorgan Overseas Investment Trust plc


Income Statement
for the six months ended 31st December 2006


                                  (Unaudited)               (Unaudited)             (Audited)
                               Six months ended          Six months ended           Year ended
                              31st December 2006        31st December 2005        30th June 2006
                            Revenue Capital    Total Revenue  Capital    Total Revenue  Capital    Total
                              £'000   £'000    £'000   £'000    £'000    £'000   £'000    £'000    £'000
Gains from investments
held at fair value through
profit or loss                    -   9,645    9,645       -   62,939   62,939       -   69,765   69,765
Income from investments       1,537       -    1,537   3,067        -    3,067   6,982        -    6,982
Other interest receivable 
and similar income               58       -       58     172        -      172     422        -      422
                             ______  ______   ______  ______   ______   ______  ______   ______   ______

Gross return                  1,595   9,645   11,240   3,239   62,939   66,178   7,404   69,765   77,169

Management fee                 (225)   (225)    (450)   (406)    (406)    (812)   (755)    (755)  (1,510)
Performance fee                   -    (734)    (734)      -   (1,726)  (1,726)      -   (2,147)  (2,147)
Other administrative
expenses                       (213)      -     (213)   (250)       -     (250)   (525)       -     (525)
                             ______  ______   ______  ______   ______   ______  ______   ______   ______

Net return on ordinary
activities before finance
costs and taxation            1,157   8,686    9,843   2,583   60,807   63,390   6,124   66,863   72,987
Finance costs                    (4)     (4)      (8)    (15)     (15)     (30)    (28)     (27)     (55)
                             ______  ______   ______  ______   ______   ______  ______   ______   ______

Net return on ordinary
activities before taxation    1,153   8,682    9,835   2,568   60,792   63,360   6,096   66,836   72,932
Taxation                       (142)      -     (142)   (275)       -     (275)   (639)       -     (639)
                             ______  ______   ______  ______   ______   ______  ______   ______   ______

Net return on ordinary
activities after taxation     1,011   8,682    9,693   2,293   60,792   63,085   5,457   66,836   72,293
                             ======  ======   ======  ======   ======   ======  ======   ======   ======

Return per ordinary share
(note 2)                       2.93p  25.17p   28.10p   3.29p   87.16p   90.45p   8.88p  108.75p  117.63p


All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.

The total column of this Statement is the profit and loss account of the Company
and the revenue and capital columns represent supplementary information.



JPMorgan Overseas Investment Trust plc


Reconciliation of Movements in Shareholders' Funds (unaudited)
the six months ended 31st December 2006

                                         Called up       Capital
                                                      redemption      Capital     Revenue
                                     share capital       reserve      reserve     reserve         Total
                                            £'000          £'000        £'000       £'000         £'000              

 At 30th June 2005                          17,435        16,510      323,878      18,030       375,853
Adjustment to opening shareholders
fund at 1st July 2005 to reflect the
adoption of bid prices                           -             -        (301)           -         (301)
Shares bought back and cancelled           (8,371)         8,371    (214,720)           -     (214,720)
Total return from ordinary                       -             -       66,836       5,457        72,293
activities
Dividends appropriated in the year               -             -            -     (5,546)       (5,546)
                                           _______      ________     ________     _______      ________
At 30th June 2006                            9,064        24,881      175,693      17,941       227,579
Shares bought back and cancelled             (737)           737     (17,309)           -      (17,309)
Total return from ordinary                       -             -        8,687       1,011         9,698
activities
Dividends appropriated in the period             -             -            -     (4,201)       (4,201)
                                           _______      ________     ________     _______      ________
At 31st December 2006                        8,327        25,618      167,071      14,751       215,767
                                             =====         =====        =====       =====         =====


JPMorgan Overseas Investment Trust plc

Balance Sheet
as at 31st December 2006                                  (Unaudited)         (Unaudited)             (Audited)
                                                   31st December 2006  31st December 2005        30th June 2006
                                                                £'000               £'000                 £'000
Fixed assets
Investments at fair value through profit or loss              217,256             426,081               226,520

Current assets
Debtors                                                         2,198                 703                   716
Cash and short term deposits                                       59               8,802                 3,743
                                                              _______             _______               _______
                                                                2,257               9,505                 4,459
Creditors: amounts falling due within one year                (1,885)               (638)               (1,483)
                                                              _______             _______               _______

Net current assets                                                372               8,867                 2,976
                                                              _______             _______               _______
Total assets less current liabilities                         217,628             434,948               229,496

Creditors: amounts falling due
after more than one year                                        (200)               (200)                 (278)
Provision for liabilities and charges                         (1,661)             (1,393)               (1,639)
                                                              _______             _______               _______
Total net assets                                              215,767             433,355               227,579
                                                               ======              ======                ======

Capital and reserves
Called up share capital                                         8,327              17,435                 9,064
Capital redemption reserve                                     25,618              16,510                24,881
Capital reserve                                               167,071             384,670               175,693
Revenue reserve                                                14,751              14,740                17,941
                                                              _______             _______               _______
                                                              215,767             433,355               227,579
                                                               ======              ======                ======
Shareholders' funds                                                                                 
Net asset value per  share (note 3)                            647.8p              621.4p                627.7p


Cash Flow Statement                                       (Unaudited)         (Unaudited)             (Audited)
For the six months ended 31st December 2006          Six months ended    Six months ended            Year ended
                                                        31st December       31st December             30th June
                                                                 2006                2005                  2006
                                                                £'000               £'000                 £'000

Net cash inflow from operating activities                         191               1,241                 4,213
Net cash outflow from returns on investments and
servicing of finance
                                                                  (9)                (30)                  (55)
Tax recovered                                                       5                   5                    42
Net cash inflow from capital expenditure and
financial investment
                                                               17,971               2,132               208,327
Dividends paid                                                (4,201)             (5,583)               (5,546)
Net cash outflow from financing                              (17,626)                   -             (214,277)
                                                              _______              ______                ______
Decrease in cash for the period                               (3,669)             (2,235)               (7,296)
                                                               ======              ======                 =====


Notes to the Accounts


1. Accounting policies

The accounts have been prepared in accordance with United Kingdom Generally
Accepted Accounting Practice ('UK GAAP') and with the Statement of  Recommended
Practice 'Financial Statements of Investment Trust Companies' dated 31st
December 2005.

All of the Company's operations are of a continuing nature.

The accounting policies applied to these interim accounts are consistent with
those applied in the accounts for the year ended 30th June 2006.



2. Return per share

                               (Unaudited)         (Unaudited)       (Audited)
                          Six months ended    Six months ended      Year ended
                        31st December 2006  31st December 2005  30th June 2006
                                     £'000               £'000           £'000
Return per share is
based on the following:
Revenue return                       1,011               2,293           5,457
Capital return                       8,682              60,792          66,836
                                   _______              ______          ______
Total return                         9,693              63,085          72,293
                                    ======              ======           =====
Weighted average number 
of shares in issue              34,497,563          69,742,065      61,455,911

Revenue return per share              2.93p               3.29p           8.88p
Capital return per
share                                25.17p              87.16p         108.75p
                                   _______              ______          ______
Total return per share               28.10p              90.45p         117.63p
                                    ======              ======           =====



3. Net asset value per share

Net asset value per share is calculated by dividing the funds attributable to
the ordinary shareholders by the number of ordinary shares in issue at 31st
December 2006 of 33,307,448 (31st December 2005: 69,742,065 and 30th June 2006:
36,257,448).



4. Accounts for the year ended 30th June 2006

The figures and financial information for the year ended the 30th June 2006 are
extracted from the latest published accounts of the Company and do not
constitute statutory accounts for that year. Those accounts have been delivered
to the Registrar of Companies and included the report of the auditors which was
unqualified and did not contain a statement under either section 237(2) or 237
(3) of the Companies Act 1985.


JPMORGAN ASSET MANAGEMENT (UK) LIMITED

2nd March 2007




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