Final Results

JPMorgan Fleming Emerge Mkts IT PLC
22 September 2003


             JPMORGAN FLEMING EMERGING MARKETS INVESTMENT TRUST PLC

                         STOCK EXCHANGE ANNOUNCEMENT


The Board today announces the preliminary results of the Company for the year
ended 30th June 2003.

Chairman's Statement

As we all know this has been a difficult year for shareholders. In the period
our shareholders have seen both our Net Asset Value ('NAV') and our share price
fall by 3.8 percent overall. Our benchmark has declined in the same period by
1.5 percent. Last year we saw extreme volatility with a similar flat performance
and this year we have seen a long period of a down market largely reversed in
the latter months of the year.

Shareholders cannot be gratified with this overall decline but may perhaps take
some comfort in the fact that in the comparable period the MSCI World index
declined by 9.8 percent. This follows a continuing trend where emerging markets
have outperformed traditional ones and investor appetite for our markets has
grown. Since our year end, all this momentum has continued in our favour giving
us a fair wind for the coming year, with our relative performance also improving
versus the benchmark.

In managing our risk, the Board believes it is currently more appropriate to
focus entirely on our portfolio risk rather than add to this with risks
associated with managing debt. Accordingly, we decided to reduce the gearing we
have carried for some years to zero at the year end. We remain fully invested,
however.

The Board has agreed a new fee arrangement with the Manager which becomes
effective from 1st July 2003. The existing 1.25% management fee will be replaced
with a 1.00% management fee on total assets less current liabilities combined
with a performance related fee element linked to outperformance versus the
benchmark.  Under the new arrangements, the Manager can earn a fee equal to 10%
of the outperformance of the benchmark. However the Board has put in place
certain conditions whereby this fee, whenever earned, will be paid to the
Manager only in a year when there has been a positive absolute NAV return to
shareholders.

We believe that the revised fee arrangements more closely align the interests of
shareholders and the Manager in delivering and rewarding superior investment
performance whilst recognising the sensitivity of shareholders to rewarding the
Manager in falling markets. In this context, shareholders should note that the
Manager is required to outperform the benchmark by more than 2.5% per annum, net
of fees and other expenses, in order to earn a total fee equivalent to its
previous management fee.

The size of market discount to NAV at which your Company has traded has followed
a similar down and up pattern. We have seen once again strengthening markets
doing wonders to our discount level but in the earlier declining market our
liquidity was much reduced and the levels widened. However, the Board did not
believe there was an appropriate occasion to use its buyback powers and thus
during the year no shares were bought back. At the Annual General Meeting we
shall nevertheless be requesting a renewal of the buyback mandate - which may
well become a useful tool in the year ahead.

The Board has considered the various recommendations concerning corporate
governance which have been debated over the last year in various forms. We
believe that we already comply with the principles of corporate governance for
investment trusts as outlined in the AITC's Code, and welcome the forthcoming
revised Combined Code which will establish best practice for all public
companies.

At the Annual General Meeting Mr Anatole Kaletsky will seek election by
shareholders as a new member of the Board. Mr Kaletsky has had a distinguished
career as a journalist and economist and has a significant amount of emerging
market experience. He will be well known to shareholders for his columns in The
Times newspaper. His perspectives will add considerable value to your Board and
I welcome him wholeheartedly.

I have served 9 years on your Board and believe that the time has therefore come
to step down. It has been a most stimulating, if not always rewarding time. I am
delighted that Dr Roy Reynolds has agreed to take over as your Chairman and he
is surely very well qualified to lead your Company forward. As already alluded
to, we go into this next year with some momentum and with emerging markets
looking set to continue to outperform. The investment outlook is improving, if
still uncertain. All in all, an appropriate time to be leaving your Company in
good hands.


Roger Murray

Chairman                                                     22nd September 2003


For further information, please contact:
Philip Jones
J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 7214
Secretary to the Company


JPMorgan Fleming Emerging Markets Investment Trust plc
Unaudited figures for the year ended 30 June 2003

Statement of Total Return (Unaudited)
                                                  Year ended 30 June 2003               Year ended 30 June 2002
                                                    Revenue     Capital      Total   Revenue     Capital       Total
                                                      £'000       £'000      £'000     £'000       £'000       £'000


Realised losses on investments                            -     (5,140)    (5,140)         -     (3,117)     (3,117)
Net change in unrealised appreciation                     -       (259)      (259)         -     (5,893)     (5,893)
Currency losses on cash and short-term deposits
held during the year                                      -       (465)      (465)         -       (438)       (438)
Unrealised currency gains on US Dollar loan               -           -          -         -       1,320       1,320    
Realised gain on repayment of US Dollar loan              -         729        729         -           -           -
Other capital charges                                     -        (16)       (16)         -        (20)        (20)
Income from investments                               2,950           -      2,950     2,915           -       2,915
Other income                                             63           -         63        95           -          95
                                                    _______    ________    _______    ______     _______    ________

Gross return                                          3,013     (5,151)    (2,138)     3,010     (8,148)     (5,138)
Management fee                                      (1,423)           -    (1,423)   (1,790)           -     (1,790)
Other administrative expenses                         (437)           -      (437)     (315)           -       (315)
Interest payable                                      (229)           -      (229)     (849)           -       (849)
                                                    _______     _______    _______    ______     _______     _______

Net return/(loss) before taxation                       924     (5,151)    (4,227)        56     (8,148)     (8,092)
Taxation                                              (297)           -      (297)     (259)          30       (229)
                                                    _______     _______    _______    ______     _______     _______

Transfer to/(from) reserves                             627     (5,151)    (4,524)     (203)     (8,118)     (8,321)

Return/(loss) per ordinary share                      0.69p     (5.71)p    (5.02)p   (0.22)p     (8.98)p     (9.20)p


JPMorgan Fleming Emerging Markets Investment Trust plc
Unaudited figures for the period ended 30 June 2003

BALANCE SHEET                                                                     30 June          30 June
                                                                                     2003             2002
                                                                                    £'000            £'000

Investments at valuation                                                          115,549          129,347

Net current assets/(liabilities)                                                      307          (8,967)
                                                                                  _______          _______
Total net assets                                                                  115,856          120,380
                                                                                  =======          =======
Net asset value per share                                                          128.5p           133.5p


CASH FLOW STATEMENT
                                                                                     2003             2002
                                                                                    £'000            £'000

Net cash inflow from operating activities                                             474              479

Net cash outflow from returns on investments and servicing of                                        (849)
finance                                                                             (229)

Total tax recovered                                                                     1               77

Net cash inflow from capital expenditure and financial investment                   8,401            5,101

Net cash outflow from financing                                                  (12,049)          (1,216)
                                                                                  _______           ______
(Decrease)/increase in cash in the year                                           (3,402)            3,592
                                                                                  =======          =======

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the year ended 30th June
2002. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.

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

22nd September 2003


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