Interim Results

JP Morgan Fleming Indian IT PLC
13 June 2003


                  JPMORGAN FLEMING INDIAN INVESTMENT TRUST PLC

                         STOCK EXCHANGE ANNOUNCEMENT OF

                      UNAUDITED RESULTS FOR THE SIX MONTHS

                              TO 31st MARCH2003



The Board today release the unaudited interim results of the Company for the six
month period to 31st March 2003.



The following are comments from the Chairman:



Performance



The Company's Net Asset Value per ordinary share increased by 4.0% over the six
month period to 31st March 2003, out performing the +3.2% return of the
benchmark index, the Bombay Stock Exchange National 100 Index (in sterling
terms). The return to shareholders was +9.3% which reflects the narrowing of the
discount at which the shares trade to the net asset value from 18.9% to 14.7%.



Share buy backs



Over the reporting period, the Directors took the opportunity to repurchase and
cancel 10,295,000 ordinary shares representing 13.2% of the issued share capital
at an average discount of 18.1%. These repurchases cost approximately £5.6m and
had the effect of increasing the net asset value of the remaining shares by
approximately 2.7%.



Since the end of the reporting period a further 155,000 ordinary shares have
been repurchased and cancelled at an average discount of 18.4% and at a cost of
£0.08m.



The Board will continue to use this authority as and when appropriate.



Market Review



The market recovered strongly in the fourth quarter of 2002, but then gave back
almost all the gains in the first quarter of 2003. The period began with Asian
markets performing well but India lagging as privatisation efforts faced a set
back and the rating agency Standard & Poor's downgraded India's domestic debt.
Reliance's huge gas find helped improve sentiment and brought money back into
equities, which were looking increasingly undervalued. Stocks rallied in
November and December, with technology and banking stocks being particularly
strong.



Going into 2003, although the macro economic and corporate earnings growth
backdrop remained relatively robust, concerns about the impact of last year's
poor monsoon and pricing pressure for IT services companies impacted large cap
stocks such as Hindustan Lever, Satyam Computers and Wipro. India-centric
stories, especially those supported by structural change such as new banking
legislation and power sector reforms and the prospect of privatisation,
performed extremely well.



Outlook



Overall, the outlook for Indian equities remains fundamentally attractive. The
growth backdrop is favourable, notwithstanding the short-term drag from
agriculture, with India's external account in very good shape with the current
account in surplus and foreign exchange reserves at 15 months of import cover.
In addition important structural reforms in the banking and power sector are
progressing. The corporate sector is also healthy with earnings growth expected
to be 15%+ and aggregate return on equity close to an all time high of 18%.
Valuations at 9x forward earnings are also compelling.



India's profile as a deflation-beating centre of outsourcing is stronger than
ever. Not only is this true in service-orientated models such as IT services and
pharmaceuticals, but also in manufacturing where years of aggressive cost
cutting and financial efficiencies have made several segments of the traditional
manufacturing sector in India globally competitive. International companies are
turning to export markets as important drivers of growth and profitability.
JPMorgan Fleming Indian will continue to seek attractive opportunities,
leveraging off this theme.



Since the end of March there has been a sharp correction in stock prices of IT
services companies that has reduced market expectations dramatically with the
result that valuations are looking much better.



Privatisation still remains very much on the agenda. However, given the
election-heavy calendar ahead, political considerations will not make this
process any easier. From a portfolio perspective, the oil and gas sector will
provide the best privatisation opportunities.



Given the political equations, it is particularly encouraging to note the recent
initiatives taken by both India and Pakistan to resume discussions and
diplomatic relations. Traditionally, political rhetoric between the two
countries tends to lean towards aggression around election time. While this
cannot be ruled out, it is pleasing to see a more reconciliatory beginning being
adopted this time around.



Although Asia has been severely impacted by SARS, India has managed to remain
largely unaffected. The incidence of the disease has been low and well
contained. We do not foresee an adverse economic impact.



As stated in our last annual report, corporate fundamentals remain robust and
valuations are attractive. We continue to expect this to be a satisfactory year.



Philip Daubeney

Chairman      13th June 2003





Please note that the above statement may differ from the final version to be
published in the interim accounts.





For further information, please contact:



Fraser Easton

J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 3425

Secretary to the Company




JPMorgan Fleming Indian Investment Trust plc
Unaudited figures for the six months ended 31st March 2003

Statement of Total Return (Unaudited)


                      Six months to 31st March 2003     Six months to 31st March 2002  Year to 30th September 2002

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


Realised gains on
investments                    -      1,153       1,153         -     4,082      4,082          -    5,317    5,317
                               
Net change in
unrealised gains/
(losses)                       -        509         509         -     8,823      8,823          -  (2,459)  (2,459)

Currency  gains/
(losses) on cash and                                           
short term deposits            -          1           1         -        18         18          -     (80)     (80)
held during the
period

Currency  translation
difference                     -      (383)       (383)         -     2,565      2,565          -  (5,230)  (5,230)
                              
Other capital items            -          6           6         -       (6)        (6)          -     (44)     (44)

Exchange adjustment            -        147         147         -   (1,097)    (1,097)          -    2,236    2,236

Unrealised Losses on
intercompany loan              -       (30)        (30)         -         -          -          -        -        -
                               
Realised Losses on
intercompany loan              -          -           -         -      (36)       (36)          -    (137)    (137)
                               
Overseas dividends           171          -         171        96         -         96        875        -      875

Overseas interest              -          -           -        11         -         11         32        -       32

Deposit interest               4          -           4        15         -         15         34        -       34
                         _______   ________     _______    ______   _______   ________    _______  _______  _______

Gross return                 175      1,403       1,578       122    14,349     14,471        941    (397)      544

Management fee             (285)          -       (285)     (338)         -      (338)      (703)        -    (703)

Other administrative
expenses                   (302)          -       (302)     (191)         -      (191)      (446)        -    (446)
                           
Interest payable            (13)          -        (13)      (31)         -       (31)       (41)        -     (41)

                         _______    _______     _______    ______   _______    _______    _______  _______  _______

Return before              (425)      1,403         978     (438)    14,349     13,911      (249)    (397)    (646)
taxation

Taxation                    (22)          -        (22)         1         -          1      (114)        -    (114)

                          ______    _______     _______    ______   _______     ______    _______  _______  _______

Return attributable
to  shareholders           (447)      1,403         956     (437)    14,349     13,912      (363)    (397)    (760)
                           
                           =====      =====       =====     =====     =====      =====      =====    =====    =====

  Return per ordinary    (0.62)p      1.95p       1.33p   (0.56)p    18.36p     17.80p    (0.46)p  (0.51)p  (0.97)p
                share


JPMorgan Fleming Indian Investment Trust plc
Unaudited figures for the six months ended 31st March 2003


BALANCE SHEET                                                      31st March         31st March     30thSeptember
                                                                      2003               2002              2002
                                                                     £'000              £'000             £'000

Investments at valuation                                              44,367             65,376           46,580


Net current  (liabilities)/assets                                      (797)            (2,356)            1,656
                                                                      ______            _______          _______

Total net  assets                                                     43,570             63,020           48,236
                                                                       =====              =====            =====
Net asset value per ordinary share                                     64.5p              80.7p            62.0p


CASH FLOW STATEMENT
                                                                        2003               2002             2002
                                                                       £'000              £'000            £'000

Net cash outflow from operating activities                             (224)              (429)            (392)

Net cash outflow from returns on investments and                        (13)               (28)             (92)
servicing of finance

Total tax recovered/(paid)                                                 -                  8              (6)

Net cash inflow from capital expenditure and financial                 3,382                250            4,946
investment


Net cash (outflow)/inflow from financing                             (4,781)              1,587          (2,181)
                                                                     _______             ______           ______
(Decrease)/Increase in cash for the period                           (1,636)              1,388            2,275
                                                                       =====               ====             ====





The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 30th September 2002 have been delivered to the Registrar of
Companies.



J.P. MORGAN FLEMING  ASSET MANAGEMENT (UK) LIMITED
13th June 2003



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