Interim Results

JPMorgan Fleming Emerge Mkts IT PLC
10 February 2004



             JPMORGAN FLEMING EMERGING MARKETS INVESTMENT TRUST PLC

                         STOCK EXCHANGE ANNOUNCEMENT OF

           UNAUDITED RESULTS FOR THE SIX MONTHS TO 31ST DECEMBER 2003





The Board today release the unaudited interim results of the Company for the six
months to 31st December 2003.



The following are comments from the Chairman:



Chairman's Interim Statement



In my first report to shareholders after taking over from Roger Murray as
Chairman, I am pleased that I can report a 22.3% improvement in net assets and a
24.2% improvement in the return to shareholders over the last six months. Whilst
satisfactory in absolute terms, the net asset value ('NAV') return is somewhat
below the rise in the MSCI Emerging Markets Free Index (our benchmark) of 23.9%.

The weakening dollar and the surging US economy has been very positive for
emerging markets. Particularly, it has enabled the larger emerging market
economies of India, China and also Brazil to flourish and consolidate investor
confidence. Russia has perhaps been the only large emerging market economy where
confidence has been questioned.

Over the next few months it is likely that sentiment regarding emerging markets
will remain positive, although clearly as we approach the US Presidential
elections nervousness will set in. I am, therefore, optimistic about the general
prospects in the near term, but as always large uncertainties remain and
allocation and stock selection will be crucial to success against our benchmark.



Roy Reynolds

Chairman, 10th February 2004







For further information, please contact:



Philip Jones
J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 6000
Secretary to the Company




JPMorgan Fleming Emerging Markets Trust plc

Unaudited figures for the six months ended 31 December 2003

Statement of Total Return (Unaudited)


                          Six months to 31 December 2003 Six months to 31 December 2002      Year to 30 June 2003
                            Revenue    Capital     Total   Revenue   Capital       Total   Revenue   Capital     Total
                              £'000      £'000     £'000     £'000     £'000       £'000     £'000     £'000     £'000


Realised gains/(losses)
on investments                    -      1,772     1,772         -     (542)       (542)         -   (5,140)   (5,140)
Net change in unrealised
gains                             -     23,168    23,168         -  (15,589)    (15,589)         -     (259)     (259)

Currency losses on cash
and short-term deposits
held during the period            -      (243)     (243)         -     (277)       (277)         -     (465)     (465)
Unrealised currency gain
on US Dollar loan                 -          -         -         -      620         620          -         -         -
Realised gain on
repayment of US Dollar            -          -         -         -         -           -         -       729       729
loan                                                                                                    
Other capital items               -        (7)       (7)         -      (16)        (16)         -      (16)      (16)
Franked dividends                42          -        42        35         -          35       158         -       158
Overseas dividends            2,081          -     2,081     1,033         -       1,033     2,644         -     2,644
Scrip dividends                 172          -       172       148         -         148       148         -       148
Deposit interest                  9          -         9        46         -          46        63         -        63
Stock lending fees                2          -         2         -         -           -         -         -         -
                            _______   ________   _______    ______   _______    ________   _______   _______   _______

Gross return/(loss)           2,306     24,690    26,996     1,262  (15,804)    (14,542)     3,013   (5,151)   (2,138)

Management fee                (635)          -     (635)     (746)         -       (746)   (1,423)        -    (1,423)
Other administrative
expenses                      (210)          -     (210)     (227)         -       (227)     (437)         -     (437)
Interest payable                (1)          -       (1)     (164)         -       (164)     (229)         -     (229)

                            _______    _______   _______    ______   _______     _______   _______   _______   _______

Net return/(loss) before
taxation                      1,460     24,690    26,150       125  (15,804)    (15,679)       924   (5,151)   (4,227)
Taxation                      (324)          -     (324)     (120)         -       (120)     (297)         -     (297)

                             ______    _______   _______    ______   _______      ______   _______   _______   _______

Total return/(loss)
attributable to ordinary
shareholders                  1,136     24,690    25,826         5  (15,804)    (15,799)       627   (5,151)   (4,524)
                             ______    _______   _______    ______   _______     _______    ______   _______    ______

Return/(loss) per             1.26p     27.37p    28.63p     0.01p  (17.52)p    (17.51)p     0.69p   (5.71)p   (5.02)p
ordinary share




JPMorgan Fleming Emerging Markets Trust plc

Unaudited figures for the six months ended 31 December 2003


BALANCE SHEET
                                                            31 December 2003    31 December 2002    30 June 2003
                                                                       £'000               £'000           £'000

Investments at valuation                                             141,412             110,484         115,549

Net current assets/(liabilities)                                         270             (5,903)             307

                                                                     _______             _______         _______
Total net assets                                                     141,682             104,581         115,856
                                                                       =====               =====           =====
Net asset value per ordinary share                                    157.1p              115.9p          128.5p




CASH FLOW STATEMENT
                                                               Six months to       Six months to      Year ended
                                                            31 December 2003    31 December 2002    30 June 2003
                                                                       £'000               £'000           £'000

Net cash inflow/(outflow) from operating activities                      889                (49)             474

Net cash outflow from returns on investments and
servicing of finance                                                     (1)               (164)           (229)

Total tax recovered                                                        -                   -               1

Net cash (outflow)/inflow from capital expenditure and
financial investment                                                   (591)               2,860           8,401

Net cash outflow from financing                                      (2,967)             (7,670)        (12,049)
                                                                     _______              ______          ______
Decrease in cash for the period                                      (2,670)             (5,023)         (3,402)
                                                                       =====                ====            ====






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 2003 have been delivered to the Registrar of Companies.





J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
10th February 2004






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