Interim Results

JPMorgan Fleming Emerge Mkts IT PLC
03 March 2003


             JPMORGAN FLEMING EMERGING MARKETS INVESTMENT TRUST PLC

                          STOCK EXCHANGE ANNOUNCEMENT

                    HALF YEARLY RESULTS TO 31 DECEMBER 2002


During the last six months to the end of December 2002, the Company's net assets
have declined by 13.1% to 115.9p per share and the share price by 12.8%. In the
same period the benchmark index, the MSCI Emerging Markets Free Index (in
Sterling terms), has declined by 12.8%.


Performance has thus been only average in an environment which has continued to
be generally unfavourable for equity investors. The relatively better
performance of emerging markets to many developed ones has continued but has
been less of a feature than was apparent in the last full year. With global
uncertainties, depressed markets and faltering economies looking set to continue
for the immediate future it is hard to be optimistic about the full year result.
Market recovery is likely to be slow with efforts to stimulate economies taking
time. Emerging markets however do look well placed to be real beneficiaries of a
turnaround in due course.


Roger Murray

Chairman, 3 March 2003



For further information, please contact:


Sara Waltham
J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 5531
Secretary to the Company




JPMorgan Fleming Emerging Markets Trust plc
Unaudited figures for the six months ended 31 December 2002
Statement of Total Return (Unaudited)

                        Six months to 31 December 2002   Six months to 31 December 2001       Year to 30 June 2002
                          Revenue     Capital     Total   Revenue   Capital       Total   Revenue    Capital     Total
                            £'000       £'000     £'000     £'000     £'000       £'000     £'000      £'000     £'000


Realised losses on              -       (542)     (542)         -     (813)       (813)         -    (3,117)   (3,117)
investments
Net change in                   -    (15,589)  (15,589)         -   (4,404)     (4,404)         -    (5,893)   (5,893)
unrealised appreciation
Currency losses on cash
and short-term                  -       (277)     (277)         -     (163)       (163)         -      (438)     (438)
deposits held during
the period
Unrealised gain on US           -         620       620         -      574         574         -      1,320     1,320
Dollar loan                                                    
Other capital items             -        (16)      (16)         -      (10)        (10)         -       (20)      (20)
Franked dividends              35           -        35        48         -          48       173          -       173
Overseas dividends          1,033           -     1,033       886         -         886     2,247          -     2,247
Scrip dividends               148           -       148        17         -          17       495          -       495
Deposit interest               46           -        46        58         -          58        95          -        95
Stock lending fees              -           -         -         -         -           -         -          -         -
                          _______    ________   _______    ______   _______    ________   _______    _______   _______

Gross return                1,262    (15,804)  (14,542)     1,009   (4,816)     (3,807)     3,010    (8,148)   (5,138)
Management fee              (746)           -     (746)     (834)         -       (834)   (1,790)              (1,790)
Other administrative        (227)           -     (227)     (170)         -       (170)     (315)          -     (315)
expenses
Interest payable            (164)           -     (164)     (635)         -       (635)     (849)          -     (849)
                          _______     _______   _______    ______   _______     _______   _______    _______   _______

Net return before             125    (15,804)  (15,679)     (630)   (4,816)     (5,446)        56    (8,148)   (8,092)
taxation
Taxation                    (120)           -     (120)     (167)         -       (167)     (259)         30     (229)
                           ______     _______   _______    ______   _______      ______   _______    _______   _______

Total return                    5    (15,804)  (15,799)     (797)   (4,816)     (5,613)     (203)    (8,118)   (8,321)
attributable to
ordinary shareholders
                           ______     _______   _______    ______   _______     _______    ______    _______    ______

Return per ordinary         0.01p    (17.52)p  (17.51)p   (0.88)p   (5.31)p     (6.19)p   (0.22)p    (8.98)p   (9.20)p
share


JPMorgan Fleming Emerging MarketsTrust plc
Unaudited figures for the six months ended 31 December 2002


BALANCE SHEET                                                        31 December     31 December         30 June
                                                                            2002            2001            2002
                                                                           £'000           £'000           £'000

Investments at valuation                                                 110,484         135,781         129,347

Net current (liabilities)/assets                                         (5,903)           3,829         (8,967)

Creditors (amounts falling due after more than one year)                       -        (16,490)               -

Provisions for liabilities and charges                                         -            (30)               -
                                                                         _______         _______         _______
Total net assets                                                         104,581         123,090         120,380
                                                                           =====           =====           =====
Net asset value per ordinary share                                        115.9p          136.5p          133.5p

CASH FLOW STATEMENT
                                                                            2002            2001            2002
                                                                           £'000           £'000           £'000

Net cash (outflow) / inflow from operating activities                       (49)             (3)             479

Net cash outflow from returns on investments and servicing                 (164)           (635)           (849)
of finance
                                                                          

Total tax (paid)/recovered                                                     -             (3)              77

Net cash inflow from capital expenditure and financial                     2,860           1,984           5,101
investment
                                                                          

Net cash outflow from financing                                          (7,670)         (1,215)         (1,216)
                                                                         _______          ______          ______
(Decrease)/increase in cash for the period                               (5,023)             128           3,592
                                                                           =====            ====            ====



 
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 30 June 2002 have been delivered to the Registrar of Companies.


J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
3 March 2003


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