Treasury shares

JP Morgan Fleming Asian Inv Tst PLC
19 December 2005


JPMORGAN FLEMING ASIAN INVESTMENT TRUST

Stock Exchange Announcement

Treasury Shares

19th December 2005


Following its recent cancellation of 3,400,000 shares previously held in
treasury, the Board of JPMorgan Fleming Asian Investment Trust plc (the 
'Company') intends to seek shareholder approval for the use of treasury shares
at the Company's Annual General Meeting to be held on 3rd February 2006.  The
Annual Report and Accounts of the Company for the year ended 30th September 2005
has today been despatched to shareholders.  The following is an extract from the
Chairman's Statement:

'Having consulted with a number of the larger shareholders (some of whom have
indicated opposition in principle to the re-issue of shares at any discount),
the Board proposes introducing some refinements to its guidelines regarding the
Company's use of treasury shares.  In particular:
     
•    To limit the dilution associated with the re-issue of treasury shares at a 
     discount to a maximum of 0.5% of net asset value in any year;
     
•    That any shares not re-issued within 12 months of their re-purchase into 
     treasury will be cancelled; and
     
•    To seek shareholder approval to re-issue treasury shares at a discount at 
     every Annual General Meeting.

As may be seen by our recent action in cancelling the remaining 3,400,000 shares
that were held in treasury, the Board will continue to adopt a flexible approach
in the management of any Company discount and will continue carefully to monitor
opportunities.  My fellow Directors and I would again recommend, therefore, that
you vote in favour of the relevant resolutions.'


For further information, please contact:

Philip Jones
JPMorgan Asset Management (UK) Limited
Secretary 020 7742 6000



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