Interim Results

JP Morgan Fleming Indian IT PLC
17 June 2002


                  JPMorgan Fleming Indian Investment Trust plc


                          Stock Exchange Announcement


            Interim Report for the six months ended 31st March 2002



The Board of the JPMorgan Fleming Indian Investment Trust plc announce the
unaudited results for the six months ended 31st March 2002 as follows.



Chairman's Interim Statement



Performance summary

The Company's net asset value rose 28.5% in sterling terms over the six months
to 31st March 2002, compared to a 32.4% increase in sterling terms for the
benchmark - the Bombay Stock Exchange National 100 Share Index. The Company's
share price rose by 31.8% over the same period, reflecting the increase in net
asset value and a decrease in discount from 20% to 17.9%.



Market recovers strongly from September lows

The market recovered sharply from the lows reached immediately after September's
US terrorist attacks, supported by significant strength in second line stocks
and robust performance from public sector stocks. However, investors were
constrained by a constant flow of market-negative news throughout the review
period, such as the US-led military intervention in Afghanistan, India's
continuing military stand-off with Pakistan over Kashmir and the Ayodhya temple
controversy. Further investor nervousness resulted from an upsurge of communal
violence in Gujarat, humiliating defeats for the ruling coalition in provincial
elections and the continuing problems for the public sector mutual fund, the
Unit Trust of India. Meanwhile, proposals to increase corporate and dividend tax
rates announced in February's Budget sparked a market correction. However, there
were some long-term positives for investors, such as the phased deregulation of
the farming sector.



Despite the generally poor news flow during the period, the market was
invigorated by hopes that the government would place a greater emphasis on
privatisation. Investor enthusiasm increased after a legal challenge to the
government's privatisation programme was settled in the government's favour,
while the deregulation of petroleum marketing led to hopes that India's petrol
production industry was being readied for privatisation. However, in the light
of previous experience, the investment managers were initially sceptical over
the government's commitment to privatisation. Therefore, the Company's portfolio
was not positioned to benefit from the government's subsequent resolve to press
ahead with its privatisation programme in the face of significant political
opposition. The result was some underperformance for the trust over the review
period.



Corporate results are encouraging

The market's heavyweight stocks performed well in the fiscal year ended March
2002. Although a slowing economy led to anaemic levels of top-line growth, lower
interest rates and cost cutting programmes contributed to improved corporate
performance. Meanwhile, regulatory changes further improved Indian corporate
governance. In fact, with the derivatives market becoming increasingly popular
and the near total dematerialisation of listed stocks, the market's
infrastructure has now evolved to almost international standards. In addition,
Indian industry continued to consolidate at a brisk pace, with hectic merger and
acquisition, open offer and buy-back activity seen throughout the review period.




Outlook

Despite some recent aberrations, the Reserve Bank of India continues to favour
softer interest rates. The market's valuation, at around 10 times one-year
forward earnings, represents a record high yield-gap in favour of equities. This
low valuation also reflects the high level of risk aversion among investors,
despite the fact that the market is now trading at a 40% discount to its average
over the last five years. There is, therefore, a fundamental valuation argument
for the market to rally from current years' levels. There are also some signs of
an economic revival from the industrial slump experienced in the 2002 financial
year. At the moment, the tense military confrontation with Pakistan, potential
political instability and the continued communal tensions in Gujarat continue to
constrain the market. Provided these issues quieten down there should be a
renewal of investment interest in the Indian market. We believe the portfolio is
well poised to benefit from such a move.



Michael Cannan

Chairman

17th June 2002




JPMorgan Fleming Indian Investment Trust plc

Unaudited figures for the six months ended 31st March 2002

Statement of Total Return (Unaudited)


                             Six months to 31st March 2002       Period to 31st March 2001 Period to 30th September 2001
                                Revenue   Capital    Total     Revenue   Capital     Total   Revenue   Capital     Total

                                   £'000     £'000    £'000    £'000     £'000     £'000     £'000     £'000     £'000


Realised gains/(losses) on               -     4,082    4,082        -   (5,880)   (5,880)         -  (14,335)  (14,335)
investments

Net change in unrealised gains/          -     8,823    8,823        -  (12,242)  (12,242)         -  (17,648)  (17,648)
(losses)

Currency translation differences         -     2,565     2,565             3,174       3,174               476       476

Currency gains/ (losses) on cash and
short-term deposits held during the      -        18       18              (94)       (94)         -     (158)     (158)
period

Exchange adjustments                     -   (1,097)  (1,097)        -      (78)      (78)         -      (12)      (12)

Realised currency (loss)/gains on
repayment of intercompany loan           -      (36)     (36)        -         -         -         -       10        10

Unrealised exchange loss on              -         -        -        -         -         -         -       50        50
intercompany loan                                                                                           

Other capital charges                    -       (6)      (6)        -       (2)       (2)         -      (77)      (77)

Overseas dividends                      96         -       96       95         -        95       826         -       826

Oversea interest                        11         -       11        -         -         -        58         -        58

Deposit interest                        15         -       15       69         -        69       115         -       115
                                   _______  ________  _______   ______   _______  ________   _______   _______   _______

Gross return                           122    14,349   14,471      164  (15,122)  (14,958)       999  (31,694)  (30,695)

Management fee                       (338)         -    (338)    (475)         -     (475)     (830)         -     (830)

Other administrative expenses        (191)         -    (191)    (190)         -     (190)     (531)               (531)

Interest payable                      (31)         -     (31)     (87)         -      (87)      (60)         -      (60)
                                   _______   _______  _______   ______   _______   _______   _______   _______   _______

Return before taxation               (438)    14,349   13,911    (588)  (15,122)  (15,710)     (422)  (31,694)  (32,116)

Taxation                                1         -        1        -         -         -       (1)         -       (1)

                                    ______   _______  _______   ______   _______    ______   _______   _______   _______

Return attributable to ordinary      (437)    14,349   13,912    (588)  (15,122)  (15,710)     (423)  (31,694)  (32,117)
shareholders

Return per ordinary share          (0.56)p    18.36p   17.80p  (0.74)p  (19.11)p  (19.85)p   (0.54)p  (40.09)p  (40.63)p



JPMorgan Fleming Indian Investment Trust plc

Unaudited figures for the six months ended 31st March 2002


BALANCE SHEET                                             Six months to 31st   Period to 31st     Period to 30th
                                                                  March 2002       March 2001     September 2001
                                                                       £'000            £'000              £'000

Investments at valuation                                              65,376           59,957             51,554


Net current (liabilities) / assets                                   (2,356)            6,200            (2,102)
                                                                      ______          _______            _______

Total net assets                                                      63,020           66,157             49,452
                                                                       =====            =====              =====
Net asset value per ordinary share                                    80.72p           83.59p             62.84p

CASH FLOW STATEMENT
                                                                        2002             2001               2001
                                                                       £'000            £'000              £'000

Net cash outflow from operating activities                             (429)            (353)              (142)

Net cash outflow from returns on investments and                        (28)            (123)               (97)
servicing of finance

Total tax recovered                                                        8                -                  -

Net cash inflow/ (outflow) from capital expenditure and                  250          (1,575)            (9,145)
financial investments
                                                                         

Net cash inflow from financing                                         1,587              718                614
                                                                     _______           ______             ______
Increase/(decrease) in cash for the period                             1,388          (1,333)            (8,770)
                                                                       =====             ====               ====



The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
year end 30 September 2001 have been delivered to the Registrar of Companies.


J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED

17th June 2002


                     This information is provided by RNS
            The company news service from the London Stock Exchange