Repayment of Fixed Gearing

JPMorgan Fleming Overseas IT PLC
30 December 2002



                 JPMORGAN FLEMING OVERSEAS INVESTMENT TRUST PLC


                          STOCK EXCHANGE ANNOUNCEMENT


                           REPAYMENT OF FIXED GEARING




30 December 2002



As previously anticipated in the Annual Report, the Company today announced that
it has now repaid £40 million of the £80 million Floating Rate Notes due June
2007.



The Notes were redeemed at their principal amount and there were no additional
costs incurred.



The Company's potential gearing has now been reduced to approximately 115%.











For further information, please contact:





Hilary Lowe
The Fleming Overseas Investment Trust plc..........020 7742 3274
JP Morgan Fleming Asset Management (UK) Limited



Andrew Zychowski
Dresdner Kleinwort Wasserstein.................... 020 7475 6681
Brokers to the Company




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