Exercise of Warrants

JP Morgan Fleming Indian IT PLC
05 February 2004


                          STOCK EXCHANGE ANNOUNCEMENT


                  JPMORGAN FLEMING INDIAN INVESTMENT TRUST PLC


                              EXERCISE OF WARRANTS


5 February 2004


The Board of JPMorgan Fleming Indian Investment Trust plc announces that,
following the final warrant exercise date on 2 February 2004, the ordinary
shares arising on the exercise by the appointed trustee were sold on 5 February
2004 at a price of 109p per share. Under the terms and conditions of the
warrants, the surplus arising after deduction of the exercise price of 100p per
share and the expenses, will be paid pro rata to those warrantholders who did
not exercise their warrants.


For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited - Secretary


For further information, please contact:
Carolyn Ladd                                                   020 7742 6000


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