Final Results

JP Morgan Fleming Indian IT PLC
08 December 2003


               JPMorgan Fleming Indian Investment Trust plc

            Unaudited Results for the year ended 30th September 2003


8th December 2003



The Board of JPMorgan Fleming Indian Investment Trust plc are pleased to
announce the annual results of the Company for the year to 30th September 2003.



Year Under Review

It has been an exceptional year for investors in the Company's shares with our
Investment Manager producing a return on net assets of +62.4%. This is
comfortably ahead of the +57.0% return of the benchmark index, the Bombay Stock
Exchange National 100 Index in sterling terms. The Investment Manager will
highlight the contributing factors to this outperformance in the Annual Report &
Accounts that will shortly be published, but the Board particularly noted that a
significant proportion of the excess return over the benchmark index was due to
successful stock selection.



The stock market rally was broad based with almost every sector participating.
Profit margins in Indian companies are increasing as revenue growth accelerates
while costs have been stabilised. Equity valuations are still attractive despite
the strong gains.



Structurally, India seems to have surged to a higher growth level. GDP is
expected to increase by 7% propelled by strong domestic consumption, growing
trade, and a new round of capital investment. Liquidity is abundant. The Indian
rupee has strengthened and Foreign Exchange Reserves have increased sharply.



As ever, there are risks to investing in India, most immediately in the form of
elections in 2004. The Manager and Board are confident, however, that the medium
to longer-term prospects are sound.



Over the year the discount at which the Company's shares trade to the net asset
value narrowed, resulting in a +72.1% share price return.



Since the year end the net asset value has continued to grow strongly from
100.6p to 118.2p at the time of writing on the 5th December 2004, and the share
price from 86.5p to 112.0p. In addition the Investment Manager, over the two
month period to 30th November 2003 continued to outperform the benchmark index.



Gearing

Given the turnaround in the market and the continuing positive outlook for India
the Board

believes that it would be beneficial if the Investment Manager was able to gear
the portfolio, as it would, in positive markets, enhance the return to
shareholders. In this regard, the Board is in the process of arranging a
borrowing facility with The Royal Bank of Scotland for up to $15m. This facility
will be for a period of one year, and will be at a floating rate of interest. It
will therefore be able to be repaid during the year at no penalty cost to the
Company.



The Investment Manager can use this facility as they see appropriate except that
the Board has restricted the maximum gearing level of the Company to 15%. If the
facility was fully utilised today the Company would be 12% geared. The actual
gearing level today is 1%.


Continuation Vote

The forthcoming Annual General Meeting has specific significance this year as it
is a requirement of the Company's Articles of Association that an ordinary
resolution be put to shareholders that the Company continue in existence for a
further five-year period. This is the first such continuation vote and if it is
passed they will thereafter, under the terms of the Articles, take place every
five years.



It is therefore appropriate for me to highlight the performance and progress of
the Company over longer periods than normal, including since its launch in May
1994.



The table below shows the performance of the Company over the one and five year
periods to 30th September 2003 as well as since launch in May 1994. While the
timing of the launch of the Company ten years ago was in retrospect not ideal,
the subsequent performance of both the market and the Investment Manager has
been good.

                                                                           Since
                      1 year                    5 years                   launch

Net Asset Value -     
total return          +62.4%                    +110.2%                    +5.6%

Benchmark -
total return          +57.0%                     +59.0%                   -20.2%

NAV Outperformance vs
Benchmark(1)           +5.4%                     +51.2%                   +25.8%


Share Price -
total return          +72.1%                    +142.0%                    -4.5%



Source: Fundamental Data/Datastream.

The Benchmark is the Bombay Stock Exchange National 100 Index in sterling terms.



Given this performance and our continuing enthusiasm for the investment
opportunities in India, the Directors are of the opinion that the continuation
of the Company will be in the best interest of all shareholders. The Board
strongly recommends that shareholders vote in favour of the resolution, as they
intend to do in respect of their own holdings.



Given the importance of this resolution, shareholders are encouraged to vote
either in person at the Annual General Meeting or by completing the proxy card
that will be sent with the Annual Report & Accounts.



If the resolution is not passed, the Directors are required to convene an
Extraordinary General Meeting within four months at which proposals would be
considered for the Company to be reorganised, voluntarily wound up, or
otherwise.



Change in Benchmark

On 14th July the Board announced that the benchmark index against which the
Company's performance was measured would be changing to the MSCI India Index in
sterling terms with effect from 1st October 2003, being the first day of the
current financial year.



The Board previously used the Bombay Stock Exchange National 100 Index (in
sterling terms) for performance comparison purposes but changes to its
constituents in May 2003 had a significant impact on its investability. This was
highlighted by the largest stock in the index then having a 14% weighting but a
free-float of only 4%. In view of this and other similar changes, the Investment
Manager and the Board believed the existing benchmark had become
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.



As this change was announced during the year the Board felt that it would be
appropriate to show the performance of the portfolio against both the old and
the new indices in the 2003 Annual Report & Accounts. In future only the MSCI
India index will be used.



The change in the benchmark index did not result in any significant changes to
the structure of the portfolio.



Governance

The Board has considered the implications of the recent reports on corporate
governance and considers that it has complied with the principles of the
Association of Investment Trust Companies code of corporate governance.



 The Board believes that the actions of individual directors, rather than the
length of their service, is the appropriate factor in determining the
independence of directors. In addition, the Board is mindful of the continuation
vote which will take place at this year's Annual General Meeting and, if passed,
every five years thereafter. Moreover, the Board believes that familiarity with
the Indian market over a considerable period is also an important factor.



The Nomination Committee of the Board will, when Directors retire by rotation,
consider whether they should be re-elected in light of the above criteria. In
any one year the Nomination Committee is made up of those Directors who are not
up for re-election by rotation at the next Annual General Meeting. With a Board
of five Directors, at least two Directors will be re-elected every year.



If the continuation vote is passed at the forthcoming Annual General Meeting, it
is the Board's intention to appoint a further independent Director.



The Board also noted the FSA's changes to the Listing Rules and recently
announced that it is the Company's policy to invest no more than 15% of its
gross assets in other listed investment companies (including investment trusts).
Accordingly the Company's shares continue to remain an eligible investment for
as many buyers of investment trust shares as possible.



Discount Management

In 1998 the Board was concerned over the level of discount at which the
Company's shares were then trading to the net asset value and therefore obtained
shareholder authority to repurchase shares for cancellation, in order to enhance
shareholder value and to reduce discount volatility. This mechanism has been
actively used since then with over 27% of the issued shares being cancelled.
Throughout this period the Board has regularly reviewed and amended the policy
at which level shares could be repurchased as the discount has narrowed. The
Board is therefore pleased that the discount has now narrowed to less than 10%.
Going forward, the Board will continue to use the buy back powers but now feels
it is appropriate to state that it is its intention to manage the discount such
that, as far as is possible and dependent on market conditions, the discount
remains at less than 10%.



Authority to Repurchase or Issue the Company's Shares

At last year's Annual General Meeting shareholders gave the Directors authority
to repurchase the Company's shares for cancellation. During the year 10.7m
shares were repurchased at an average discount of 18.1% and an average price of
55.0p. The total cost of these purchases was £5.9m. This reduced the issued
share capital by approximately 13.7% and had the effect of enhancing the net
asset value of the remaining shares by 2.7%.




As stated earlier, the Board will continue to use this authority as and when
appropriate, and is seeking approval from shareholders to renew the facility at
the forthcoming Annual General Meeting.



Shares repurchased in the future might, however, as explained under the next
heading, not be cancelled but held as treasury shares.



At the Annual General Meeting of the Company in 1998, shareholders granted
Directors the authority to issue shares for cash should the shares trade at a
premium to net asset value. This authority was in place until 27th January 2003.
Although no such shares have been issued under this authority since it was
granted, the Board believes that it would be wise to renew the authority so that
it could be used if circumstances changed. The proposed authority would enable
10% of the share capital to be issued in new shares. As such issues would only
be made at prices which are at a premium to the net asset value, this would
result in an enhancement of the Company's net asset value per share and would
therefore be to the benefit of existing shareholders. This authority would last
until 27th January 2009. A resolution proposing the Directors be authorised to
effect such issues will be proposed at the forthcoming Annual General Meeting.



Treasury Shares

From the 1st December 2003, investment trusts have been able to buy their own
shares, and either hold them in treasury and then subsequently reissue them or
to cancel such shares. The Board welcomes this, and views treasury shares as an
additional tool in the armoury to manage both the absolute level and volatility
of the discount or premium.



As explained earlier, the Board is seeking shareholders approval at the
forthcoming Annual General Meeting for the renewal of the existing buy back
authority as well as the introduction of a share issuance authority. The ability
to issue shares out of treasury would supplement this latter authority, as
issuing shares out of treasury would be cheaper since they will avoid the
necessity of the Company paying listing fees to the London Stock Exchange and
the UK Listing Authority.



Because of this advantage the Board is proposing to issue treasury shares when
appropriate to do so having regard to the interests of the Company. The Board
will only buy back shares at a discount to their prevailing net asset value, and
issue shares when they trade at a premium to their net asset value in both
cases, so as not to prejudice remaining shareholders.



Purchases of shares to be held in treasury will be made in accordance with the
Listing Rules of the UK Listing Authority and the Companies (Acquisition of Own
Shares) (Treasury Shares) Regulations 2003 as amended.



JPMorgan Fleming Asset Management

The Board has reviewed the investment management, secretarial and marketing
services provided to the Company by JPMorgan Fleming Asset Management (UK)
Limited. This review has included their performance record, management
processes, investment style, resources and risk control mechanisms. The Board
was satisfied with the results of the review and therefore in the opinion of the
Directors, the continuing appointment of JPMorgan Fleming Asset Management (UK)
Limited for the provision of these services is in the best interests of
shareholders.




Investment Philosophy

The investment process is one of active stock selection, combined with
disciplined portfolio construction and risk controls. The Investment Manager
looks for securities that exhibit a combination of factors that are proven to
outperform over time. Examples of these factors include value, high earnings
growth rates, and stocks where earnings expectations are being upgraded. The
Investment Manager validates that these factors exist for each stock through
inhouse research, and that the companies invested in are financially sound.
Tight risk controls are maintained, and the final portfolio is diversified, with
no single security or sector being allowed to rise to too great a proportion of
the portfolio. The average number of stocks in the portfolio is approximately
50.



Warrants

At the time of the Company's launch, shareholders received one warrant for every
five shares purchased. Each warrant confers the right to subscribe for one
ordinary share at £1 at a specific time each year. I would like to remind
shareholders that these warrants will expire at the beginning of February 2004.
As we have done every year since the Company's launch, the Directors will send a
circular to warrantholders in December 2003 giving details and informing them of
their opportunity to exercise these warrants, should they so wish.



Annual General Meeting

The Annual General Meeting this year will be held at 60 Victoria Embankment,
London, EC4 at 12 noon on Wednesday 28th January 2004. The format of the meeting
will be similar to those of recent years and will include an investment
presentation from representatives of the Manager, Ted Pulling and Rukhshad
Shroff, as well as an opportunity for shareholders to meet and question the
Directors. As mentioned earlier, the continuation of the Company will be decided
at this meeting and shareholders are therefore encouraged to vote in person or
by proxy.



Outlook

The Company's current year has commenced satisfactorily, reflecting the
justified optimism with which investors view the Indian stock market. Earnings
for the Indian financial year ending March 2004 are expected to increase by 24%.
GDP for the year ending March 2004 is expected to grow by 7%, significantly
higher than in previous years. There are fundamental reasons to believe that
these levels of growth can be maintained through the year ending March 2005,
providing a conducive environment for equities to register further gains.
Comprehensive company visiting by the Investment Manager continues to result in
the discovery of new companies into which your Company can invest. This has
always been the essence of the Indian investment strategy - bottom up stock
selection.



As with every emerging market, there are risks. Late 2003 to mid 2004 will be an
election - intensive period in India. This could result in a slower pace of
reform which may disenchant some investors. We believe, though, that the reform
and divestment programme in India will not be reversed. There remains some
external risk, such as the state of the US economy and the US stock market. That
said, we believe that the domestic dynamics in India can support higher equity
prices.



We believe that India's growing role in global trade will attract more
investment, both equity and direct. India and China are emerging as the dynamic
duo in the global outsourcing story. After years of hesitant starts, India
finally seems poised to graduate to the next level of economic development.
Corporate India is attractively priced and well positioned to benefit from this
growth, as is your Company.



Philip Daubeney

Chairman 8th December 2003






JPMorgan Fleming Indian Investment Trust plc
Unaudited Consolidated figures for the year ended 30th September 2003

Statement of Total Return (Unaudited)

                            Year ended 30th September 2003        Year ended 30th September 2002

                                Revenue     Capital         Total      Revenue    Capital      Total
                                  £'000       £'000         £'000        £'000      £'000      £'000

Realised gains on
investments                           -       5,178         5,178            -      5,317      5,317
                                      
Change in unrealised
depreciation                          -      22,571        22,571            -    (2,459)    (2,459)
                                     
Currency losses on cash and
short-term deposits held
during the year                       -        (34)          (34)            -       (80)       (80)

                                                                                                    
Currency  translation
difference                            -     (3,993)       (3,993)            -    (5,230)    (5,230)
                                      
Other capital items                   -        (38)          (38)            -       (44)       (44)
Exchange adjustments                  -       1,567         1,567            -      2,236      2,236

Unrealised exchange gain on
intercompany loan                     -         153           153            -          -          -

Realised losses on
intercompany loan                     -           -             -            -      (137)      (137)
                                      
Income from investments           1,055           -         1,055          907          -        907

                                 
Other income                         10           -            10           34          -         34
                                _______    ________       _______      _______    _______    _______

Gross return/(loss)               1,065      25,404        26,469          941      (397)        544

Management fee                    (607)           -         (607)        (703)          -      (703)

Other administrative
expenses                          (557)           -         (557)        (446)          -      (446)

                                  
Interest payable                   (40)           -          (40)         (41)          -       (41)

                                _______     _______       _______      _______    _______    _______

(Loss)/return before              (139)      25,404        25,265        (249)      (397)      (646)
taxation

Taxation                           (43)           -          (43)        (114)          -      (114)

                                 ______     _______       _______      _______    _______    _______

(Loss)/return attributable
to  shareholders                  (182)      25,404        25,222        (363)      (397)      (760)
                                  =====       =====         =====        =====      =====      =====

(Loss)/return per ordinary
share                           (0.26)p      36.49p        36.23p      (0.46)p    (0.51)p    (0.97)p

                        

JPMorgan Fleming Indian Investment Trust plc
Unaudited Consolidated figures for the year ended 30th September 2003

 
BALANCE SHEET                                                          30th September      30th September
                                                                                 2003                2002
Fixed assets                                                                    £'000               £'000

Investments at valuation                                                       68,417              46,580

Debtors                                                                           429                 141

Cash and short term deposits                                                      224               1,970

Creditors: Amounts falling due within one year                                (1,497)               (455)
                                                                               ______             _______
Total Equity shareholders' funds                                               67,573              48,236
                                                                                =====               =====
Net asset value per ordinary share                                            100.64p              61.96p

CASH FLOW STATEMENT
                                                                                 2003                2002
                                                                                £'000               £'000

Net cash outflow from operating activities                                      (191)               (392)

Net cash outflow from servicing of finance                                       (37)                (92)

Total tax paid                                                                      -                 (6)

Net cash inflow from capital expenditure and financial                          3,070               4,946
investment


Net cash outflow from financing                                               (4,703)             (2,181)
                                                                              _______              ______
(Decrease)/increase in cash for the period                                    (1,861)               2,275
                                                                                =====                ====



The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985.  The statutory accounts for
2003 will be delivered to the Registrar of Companies following the Company's
Annual General Meeting.  The auditors have reported on those accounts; their
reports were unqualified and did not contain statements under s237(2) or (3)
Companies Act 1985.  The comparative financial information is based on the
statutory accounts for the year ended 30 September 2002. These accounts, upon
which the auditors issued an unqualified opinion, have been delivered to the
Registrar of Companies.




J.P. MORGAN FLEMING  ASSET MANAGEMENT (UK) LIMITED
8th December 2003




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