Excercise of Warrants

JP Morgan Fleming Indian IT PLC
04 February 2004



                             STOCK EXCHANGE ANNOUNCEMENT

                    JPMORGAN FLEMING INDIAN INVESTMENT TRUST PLC


4 February 2004

JP Morgan Fleming Indian Investment Trust plc

 Exercise of Warrants

The Board of JP Morgan Fleming Indian Investment Trust plc (the 'Company')
announces that, following the final warrant exercise date on 2 February 2004,
13,342,677 new ordinary shares of £0.25 each were allotted with effect from 2
February 2004 as a result of the exercise of 13,342,677 warrants to subscribe
for ordinary shares at 100p per share. Pursuant to the terms of the warrant
particulars, a trustee has been appointed and has exercised the remaining
3,453,923 warrants. The total issued share capital has therefore increased to
83,941,392 ordinary shares and there are no longer any warrants in issue.

Application has been made for 16,796,600 ordinary shares to be admitted to the
Official List in due course and dealings on the London Stock Exchange are
expected to commence on 10 February 2004. Application has also been made to
delist the warrants from the Official List.


For further details please contact:

Carolyn Ladd
JPMorgan Fleming Asset Management (UK) Ltd - Secretary
020 7742 3435


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