Exercise of Warrants

JP Morgan Fleming Asian Inv Tst PLC
02 August 2002


                  JPMORGAN FLEMING ASIAN INVESTMENT TRUST PLC



                             CONVERSION OF WARRANTS







The Board announces that a valid application has been received for the exercise
of 973 warrants to subscribe for 973 ordinary shares of 25 pence each. These
shares were issued on 1st August 2002.



A block listing application sufficient for the listing of any shares issued by
the Company pursuant to the exercise of warrants was granted by the Stock
Exchange in February 1998.



Following this issue of shares, the number of shares in issue has increased to
162,083,015 and the number of warrants in issue has decreased to 33,273,485.



These shares are being issued as a result of the exercise of warrants and will
rank pari passu with the existing ordinary shares.





JPMorgan Fleming Asset Management (UK) Limited - Secretary

2nd August 2002





For further information, please contact:

JPMorgan Fleming Asset Management (UK) Limited

Fraser Easton...........................................020 7742 3425




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