Geographical/Sector analysis

Fleming Japanese Inv Trust PLC
12 January 2004

JPMORGAN FLEMING INVESTMENT TRUST               
GEORGRAPHICAL BREAKDOWNS % OF TOTAL ASSETS 
AS AT 31st December 2003

JPMORGAN FLEMING JAPANESE INVESTMENT TRUST

                                                                                    %
Japan                                                                            95.2
Cash                                                                              4.8
                                                                                  100

JPMORGAN FLEMING INVESTMENT TRUST                                
SECTOR  BREAKSDOWNS
% OF TOTAL ASSETS AS AT      31st December 2003


JPMORGAN FLEMING JAPANESE INVESTMENT TRUST

                                                                                     %
Processing                                                                        43.1
Basic                                                                             19.1
Information Technology                                                            14.3
Assets                                                                             9.9
Financials                                                                         6.9
Cash                                                                               4.8
Consumer Goods                                                                     1.9
                                                                                   100





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