Interim Results

JP Morgan Fleming Asian Inv Tst PLC
21 May 2004


                          STOCK EXCHANGE ANNOUNCEMENT

                  JPMORGAN FLEMING ASIAN INVESTMENT TRUST PLC


The Company announces its unaudited results for the six months to 31st March
2004.

The Company's total return on net assets in sterling terms was +12.5% over the
six months to 31st March 2004.  This compared to a total return of +10.6% from
the Company's benchmark, the Morgan Stanley Composite Asia Free Index ex-Japan
in sterling terms, over the same period.

Earnings per share for the six months amounted to 0.05p.




21st May 2004

For further information:


Philip Jones.......................................................020 7742 6000
For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited



JPMorgan Fleming Asian Investment Trust plc
Unaudited figures for the six months ended 31st March 2004



Statement of Total Return (Unaudited)


                        Six months to 31st March 2004   Six months to 31st March 2003  Year to 30th September 2003
                         Revenue    Capital       Total   Revenue   Capital      Total    Revenue  Capital    Total

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


Realised gains/
(losses) on
investments                    -      4,310       4,310         -   (5,037)    (5,037)          -  (2,102)  (2,102)
Net unrealised gains/
(losses) on
investments                    -     15,154      15,154         -   (2,323)    (2,323)          -   33,751   33,751
Currency  losses on
cash and short term
deposits held during
the period                     -      (618)       (618)         -      (72)       (72)          -    (170)    (170)     
Realised gains/
(losses) on currency
hedges                         -          1           1         -         -          -          -      (5)      (5)
Other capital charges          -       (40)        (40)         -       (7)        (7)          -     (25)     (25)
UK dividend income            38          -          38         -         -          -        149        -      149
Overseas dividends         1,287          -       1,287     1,178         -      1,178      3,520        -    3,520
Overseas interest              -          -           -         -         -          -         11        -       11
Scrip dividends               48          -          48         -         -          -        264        -      264
Deposit interest              32          -          32        28         -         28         53        -       53
Stock lending fees            87          -          87        12         -         12         38        -       38
                         _______   ________     _______    ______   _______   ________    _______  _______  _______
Gross return/(loss)        1,492     18,807      20,299     1,218   (7,439)    (6,221)      4,035   31,449   35,484

Management fee             (612)          -       (612)     (420)         -      (420)      (875)        -    (875)
Other administrative
expenses                   (316)          -       (316)     (230)         -      (230)      (435)        -    (435)
Interest payable           (474)          -       (474)      (95)         -       (95)      (364)        -    (364)
                         _______    _______     _______    ______   _______    _______    _______  _______  _______
Return/(loss) before
taxation                      90     18,807      18,897       473   (7,439)    (6,966)      2,361   31,449   33,810
Taxation                     (9)          -         (9)     (143)         -       (143      (579)        -    (579)
                          ______    _______     _______    ______   _______     ______    _______  _______  _______
Return/(loss)
attributable to
shareholders                  81     18,807      18,888       330   (7,439)    (7,109)      1,782   31,449   33,231
                           =====      =====       =====     =====     =====      =====      =====    =====    =====
Return/(loss) per
ordinary share             0.05p     11.60p      11.65p     0.20p   (4.59)p    (4.39)p      1.10p   19.40p   20.50p
                          
Dividend per ordinary
share                        Nil                              Nil                           1.05p
                             



JPMorgan Fleming Asian Investment Trust plc
Unaudited figures for the six months ended 31st March 2004


BALANCE SHEET                                                             31st March   31st March    30thSeptember
                                                                                2004         2003             2003
                                                                               £'000        £'000            £'000

Investments at valuation                                                     174,101      110,338          169,691

Net current  assets                                                           16,979        3,171            2,583
                                                                              ______      _______          _______
Total assets less current liabilities                                        191,080      113,509          172,274

Creditors : amounts falling due after more than one year                    (20,000)            -         (20,000)

Provisions                                                                      (45)            -            (127)
                                                                              ______      _______          _______
Total net assets                                                             171,035      113,509          152,147
                                                                               =====        =====            =====
Diluted net asset value per ordinary share                                    104.6p        70.0p            93.9p





CASH FLOW STATEMENT                                                      6 Months to  6 Months to          Year to
                                                                          31st March   31st March    30thSeptember
                                                                                2004         2003             2003
                                                                               £'000        £'000            £'000

Net cash inflow from operating activities                                        716          255            1,577

Net cash outflow from returns on investments and servicing of finance          (483)        (141)            (382)

Total tax recovered                                                                -            -                3

Net cash inflow /(outflow) from capital expenditure and financial             16,027        5,249         (17,825)
investment

Total equity dividends paid                                                  (1,702)        (810)            (810)

Net cash outflow from financing                                                    -     (20,000)                -
                                                                             _______       ______           ______
Increase/(decrease) in cash for the period                                    14,558     (15,447)         (17,437)
                                                                               =====         ====             ====



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 2003 have been delivered to the Registrar of
Companies.




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

21st May 2004




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