Change of benchmark

JP Morgan Fleming Indian IT PLC
14 July 2003

JPMorgan Fleming Indian Investment Trust plc



                          Stock Exchange Announcement



                              Change of Benchmark



14th July 2003



The Board of the JPMorgan Fleming Indian Investment Trust plc announce that the
benchmark index against which the Company's performance is measured will be
changing to the MSCI India Index (in sterling terms) with effect from 1st
October 2003, being the first day of the Company's new financial year.



The Board currently use the Bombay SE National 100 Index (in sterling terms) for
performance comparison but changes to its constituents on 26th May 2003 have had
a significant impact on its investability.  This is highlighted by the largest
stock in the index now having a 14% weighting but only a free-float of 4%.  In
view of this and other similar changes, the Investment Manager and the Board
believe the existing benchmark to be unrepresentative of opportunities in India
and unrealistic from a portfolio investment perspective.



The MSCI India Index is a free-float adjusted market capitalisation index that
is designed to measure equity performance in India.  It is now widely used by
mainstream India funds.



The Company's next year-end will be 30th September 2003 and it is intended that
the performance of the portfolio will be measured against both the old and new
indices in the Report & Accounts for that period end.



It should, however, be noted that the Investment Manager will start to manage
the Company's assets with reference to the new index with immediate effect.
This is not expected to result in any significant changes to the structure of
the portfolio.



The management fee payable by the Company does not have a performance fee
element and therefore the change in index will have no direct affect on the fee
paid.



Fraser Easton

for Secretary

JPMorgan Fleming Asset Management (UK) Limited



14th July 2003








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