Final Results

JP Morgan Fleming Indian IT PLC
10 December 2004


                    LONDON STOCK EXCHANGE ANNOUNCMENT

                JPMORGAN FLEMING INDIAN INVESTMENT TRUST PLC

                 PRELIMINARY ANNOUNCEMENT OF FINAL RESULTS



The Directors of JPMorgan Fleming Indian Investment Trust plc announce the
Company's results for the year ended 30th September 2004.

Following the support of shareholders for the continuation of the Company for a
further five year period at the Annual General Meeting in January 2004, I was
delighted to be able to report in my interim statement that 13,342,677 new
ordinary shares were allotted in February 2004 as a result of the exercise of
warrants to subscribe for ordinary shares. I am confident that the faith in the
Company shown by shareholders and warrantholders will prove well founded and
that over the long-term the portfolio will continue to deliver positive returns
for investors.


Year Under Review

In what has been a volatile year for the Indian equity market, I am pleased to
be able to report on another profitable period for investors in the Company's
shares, with the Investment Manager producing a return on net assets of +24.1%.
This compares favourably with the return 0f +15.0% from the Company's benchmark,
the MSCI India Index (in sterling terms). The return to shareholders over the
period was +41.3%, which reflected both the underlying portfolio performance and
the narrowing of the discount from 14.1% to 2.1%.

The main factors for the outperformance of the Company's net asset value have
been the positive effects of the Investment Manager's stock and sector
selection. These are the product of an investment process based on active stock
selection, combined with disciplined portfolio construction and risk controls.
Following a strong fourth quarter of 2003, it was no surprise that the markets
consolidated in early 2004 in anticipation of the pending national election. The
surprising election of a coalition under the leadership of the Congress Party
resulted in an initial downward move in the market. However, the coalition has
held together well for the last nine months under the leadership of Manmohan
Singh. Despite political uncertainty, the disappointing monsoon season in 2004
and increased interest rates, the market has regained its confidence supported
by continued growth in corporate earnings. The Board shares the Investment
Manager's optimism that the medium to long term prospects for investing in India
remain good.


Gearing

As indicated in my last annual statement, on 8th April 2004 the Company entered
into a one year $15m borrowing facility with The Royal Bank of Scotland. The
loan bears interest at a floating rate and has been used by the Investment
Manager on a tactical basis. Gearing added 0.4% to the Company's performance
during the year under review. If the facility was fully utilised as at 30th
November 2004, the Company would be 107% geared. The actual gearing level at
that date was 99%.


Board of Directors

On 22nd September 2004, Mr Hugh Bolland was appointed as a Director of the
Company. Hugh is a non-executive director of Fidelity Asian Values Trust plc,
having previously been employed by Schroder Investment Management Limited for
thirty years until 2000. He was Chief Executive between 1995 and 1998, Vice
Chairman between 1998 and 2000, and a member of Schroder plc's Group Executive
Committee from 1996 to 1999. Hugh is a valuable addition to the Company's Board
and I would therefore urge shareholders to vote in favour of his election at the
forthcoming Annual General Meeting.

The Directors retiring by rotation are Mr Vijay Joshi and myself. The Nomination
Committee of the Board, consisting of those Directors who are not up for
election or re-election by rotation, have met to consider the attributes of each
individual and, following this review, recommend to shareholders that the
Directors should be elected or re-elected, as the case may be.


JPMorgan Fleming Asset Management

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


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. Although no such
repurchases took place during the year, due to the narrowing of the discount and
the portfolio's underlying outperformance of its benchmark, the Board continues
to believe that a facility to reduce discount volatility is important, and is
therefore seeking approval from shareholders to renew the authority at the
forthcoming Annual General Meeting.

As approved by shareholders at last year's Annual General Meeting, shares
repurchased in the future might not be cancelled but rather held as treasury
shares and subsequently re-issued at a premium. 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 (Acquisitions of Own Shares) (Treasury Shares)
Regulations 2003 as amended.

At last year's Annual General Meeting, shareholders also granted Directors the
authority to issue shares for cash should the shares trade at a premium to net
asset value, such authority to last until 27th January 2009. Although no such
shares have been issued under this authority since it was granted, the Company's
shares have recently traded at a premium to net asset value. The Board has
established guidelines relating to the issue of shares and if the conditions are
met, this authority will be utilised to enhance the Company's net asset value
per share and therefore benefit existing shareholders. To supplement this
authority the Board proposes to re-issue treasury shares when appropriate, as
re-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. 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, so as not to prejudice remaining shareholders.


Annual General Meeting

This year's Annual General Meeting will be held at 10 Aldermanbury, London EC2V
7RF at 12 noon on Wednesday 19th January 2005.


Philip Daubeney
Chairman                10th December 2004


For further information please contact:

Richard Lewis
J.P. Morgan Fleming Asset Management (UK) Limited - Secretary
Telephone: [phone]



JPMorgan Fleming Indian Investment Trust plc
Unaudited consolidated figures for the year ended 30th September 2004

Statement of Total Return
                                 Year ended 30th September 2004        Year ended 30th September 2003
                                Revenue     Capital         Total      Revenue    Capital      Total
                                  £'000       £'000         £'000        £'000      £'000      £'000

Realised (losses)/gains on
investments                           -    (34,745)      (34,745)            -      5,178      5,178
Net unrealised gains on
investments                           -      49,684        49,684            -     22,571     22,571
Currency translation
difference                            -       5,303         5,303            -    (3,993)    (3,993)
Currency losses on cash and
short-term deposits
held during the year                  -        (58)          (58)            -       (34)       (34)
Other capital charges                 -        (65)          (65)            -       (38)       (38)
Exchange adjustments                  -        (14)          (14)            -      1,567      1,567
Unrealised exchange gain on
intercompany loan                     -           -             -            -        153        153
Realised gain on
intercompany loan                     -         557           557            -          -          -
Income from investments           1,730           -         1,730        1,055          -      1,055
Other income                         26           -            26           10          -         10
                                _______    ________       _______      _______    _______    _______

Gross return                      1,756      20,662        22,418        1,065     25,404     26,469

Management fee                  (1,143)           -       (1,143)        (607)          -      (607)
Other administrative
expenses                          (771)           -         (771)        (557)          -      (557)
Interest payable                   (23)           -          (23)         (40)          -       (40)
                                _______     _______       _______      _______    _______    _______

(Loss)/return before              (181)      20,662        20,481        (139)     25,404     25,265
taxation
Taxation                           (39)           -          (39)         (43)          -       (43)
                                 ______     _______       _______      _______    _______    _______

Transfer (from)/to reserves       (220)      20,662        20,442        (182)     25,404     25,222
                                  =====       =====         =====        =====      =====      =====

(Loss)/return per ordinary
share                           (0.28)p      26.45p        26.17p      (0.26)p     36.49p     36.23p



JPMorgan Fleming Indian Investment Trust plc
Unaudited consolidated figures for the year ended 30th September 2004

BALANCE SHEET (unaudited)                                              30th September      30th September
                                                                                 2004                2003
Fixed assets                                                                    £'000               £'000

Investments at valuation                                                      103,520              68,417

Debtors                                                                         1,753                 429

Cash and short term deposits                                                    2,901                 224

Creditors: Amounts falling due within one year                                (3,363)             (1,497)
                                                                               ______             _______
Total equity shareholders' funds                                              104,811              67,573
                                                                                =====               =====
Net asset value per ordinary share                                            124.86p             100.64p


CASH FLOW STATEMENT (unaudited)
                                                                                 2004                2003
                                                                                £'000               £'000

Net cash outflow from operating activities                                      (149)               (191)

Net cash outflow from servicing of finance                                       (26)                (37)

Total tax paid                                                                   (16)                   -

Net cash (outflow)/ inflow from capital expenditure and                      (14,337)               3,070
financial investment

Net cash inflow/(outflow) from financing                                       17,022             (4,703)
                                                                              _______              ______
(Increase)/decrease in cash for the year                                        2,494             (1,861)
                                                                                =====                ====


The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985.  The statutory accounts for
2004 will be delivered to the Registrar of Companies following the Company's
Annual General Meeting.  The comparative financial information is based on the
statutory accounts for the year ended 30 September 2003. 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
10th December 2004


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