Re: Credit Facility

JPMorgan Fleming Overseas IT PLC
10 February 2003




                 JPMORGAN FLEMING OVERSEAS INVESTMENT TRUST PLC

                          STOCK EXCHANGE ANNOUNCEMENT


REPAYMENT OF FIXED GEARING AND REPLACEMENT WITH A REVOLVING MULTICURRENCY CREDIT
                                    FACILITY


10 February 2003



The Company today announced that it intends to repay the £40 million Floating
Rate Notes due June 2007, on 28 March 2003, the next interest payment date.
After this date no Notes would remain outstanding.


It is intended that the Company will replace this fixed gearing with a three
year revolving multi-currency credit facility for £40m. This decision will
provide the Company with added flexibility in its use of gearing to enhance
future returns for shareholders and, based on initial expected drawings under
the proposed facility, will reduce the effective costs of borrowing by
approximately thirty-nine basis points per annum.


The Notes will be redeemed at their principal amount and no additional costs are
anticipated.



For further information, please contact:





Linda Field
JPMorgan Fleming Overseas Investment Trust plc.. 020 7742 3426
JPMorgan Fleming Asset Management (UK) Limited
Secretary to the Company


Robbie Robertson
Dresdner Kleinwort Wasserstein 020 7475 6674
Brokers to the Company




                      This information is provided by RNS
            The company news service from the London Stock Exchange