Final Results

JPMorgan Fleming Eur Fldglng IT PLC
21 June 2004


          JPMORGAN FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC

                         STOCK EXCHANGE ANNOUNCEMENT



The Board today announces the preliminary results of the Company for the year
ended 31st March 2004.

Chairman's Statement

After several years of difficult stock markets it is pleasing to report that
there has been a steady, if uneven, recovery over the last twelve months. The
Company's performance has reflected this.

The Company produced a total return on net assets of 51.4% compared to the
benchmark index, the HSBC Smaller European Companies (ex UK) Index, return of
59.7%. The net asset value per share increased from 196.9p at the end of March
2003 to 298.2p at 31st March 2004. The share price increased in the year from
144.5p to 246.0p, an increase of 70.2%.

As I have stated previously, the Board judges the investment performance over
the long term. It is therefore pleasing to report that the Company has beaten
its benchmark in NAV total return terms over five and ten years and is the top
performer over both periods in its peer group, the AITC European Smaller
Companies sector.

The Board believes that one of the benefits of an investment trust is the
ability to gear. It therefore sets parameters within which the investment
managers may operate. These are currently in the range of 10% cash to 20%
gearing. The level of gearing at particular times is based on the managers' view
of the investment environment. The borrowing policy of the Company is arranged
to support this approach. The actual level of gearing as at 31st March 2004 was
7.8%.

Performance attribution information shows that the Company's gearing had a
positive effect on relative performance against the benchmark during the year.
Although the level of discount of the share price to net asset value reduced
from 26.6% at 31st March 2003 to 17.5% at the end of the financial year, both
the absolute level and the volatility of the discount - the discount ranged from
15.3% to 27.5% during the year - continue to disappoint. However, they are a
fair reflection of the current sentiment towards the asset class in which the
Company invests.

During the year the Company repurchased a total of 150,000 shares for
cancellation at a total cost of £229,000. The Board continues to believe it is
in the interest of shareholders to maintain an option to repurchase shares and a
resolution to renew this authority will be put to shareholders at the
forthcoming AGM.

In the light of the investment objective, it is not the Company's policy to pay
dividends. For the year under review there was a small surplus of 1.59p per
share on the revenue account. However, it remains unlikely that dividends will
be payable in the future due to the substantial accumulated loss on the revenue
reserve.

The Board has a good and professional relationship with the Manager, JPMorgan
Fleming Asset Management, both with regard to the management of the investment
portfolio and the overall business management and administrative support. The
investment managers report regularly to the Board and their performance is
monitored against a number of benchmarks and other criteria. The Board believes
investment performance, particularly in this volatile investment class, needs to
be measured over the medium to long term, an investment horizon of three to ten
years. As can be seen from the earlier comments on comparative performance, the
investment managers have performed well against this measure. The Board is
therefore satisfied that the continuing appointment of the Manager is in the
best interests of shareholders.

There is a management agreement in place between the Company and the Manager.
This covers the management fee and a range of services which the Manager
provides. The Board has sought to align the management fee structure more
closely with the interests of the Company, its shareholders and the Manager and
since the year end has therefore re-negotiated the management fee. With effect
from 1st April 2004 the management fee is now charged at a rate of 1.3% per
annum on the Company's market capitalisation. In terms of the actual amount paid
to JPMFAM, this change is broadly neutral (based on the fees paid over the last
ten years).

The Company's AGM which will be held at JPMorgan Fleming's Aldermanbury office
on Friday 23rd July 2004 at 12.00 noon.


Michael Hart
Chairman                                                         21st June 2004





JPMorgan Fleming European Fledgeling Investment Trust plc
Unaudited figures for the year ended 31 March 2004

Statement of Total Return (Unaudited)

                                                  Year ended 31 March 2004              Year ended 31 March 2003
                                                    Revenue     Capital       Total   Revenue    Capital       Total
                                                      £'000       £'000       £'000     £'000      £'000       £'000

Realised gains/(losses) on investments                    -      28,974      28,974         -   (39,813)    (39,813)
Unrealised gains/(losses) on investments                  -      24,906      24,906         -    (2,962)     (2,962)
Currency gains on cash and short-term
deposits held during the year                             -         248         248         -        245         245
Unrealised currency gains/(losses) on Euro loans          -         260         260         -    (1,787)     (1,787)
Realised currency losses on Euro loans                    -        (41)        (41)         -    (1,046)     (1,046)
Other capital charges                                     -        (57)        (57)         -      (198)       (198)
Income from investments                               3,399           -       3,399     3,373          -       3,373
Other income                                             47           -          47       199          -         199
                                                    _______    ________     _______    ______    _______    ________

Gross return/(loss)                                   3,446      54,290      57,736     3,572   (45,561)    (41,989)
Management fee                                      (1,431)           -     (1,431)   (1,555)          -     (1,555)
Other administrative expenses                         (538)           -       (538)     (303)          -       (303)
Interest payable                                      (618)           -       (618)   (1,150)          -     (1,150)
                                                    _______     _______     _______   _______    _______     _______

Return/(loss) before taxation                           859      54,290      55,149       564   (45,561)    (44,997)
Taxation                                                 10           -          10     (290)          -       (290)
                                                    _______     _______     _______   _______    _______     _______

Total return/(loss) attributable to ordinary
shareholders                                            869      54,290      55,159       274   (45,561)    (45,287)

Return/(loss) per ordinary share                      1.59p      99.58p     101.17p     0.48p   (79.91)p    (79.43)p
Dividend per ordinary share                             Nil                               Nil






JPMorgan Fleming European Fledgeling Investment Trust plc
Unaudited figures for the year ended 31st March 2004


SUMMARISED BALANCE SHEET                                                       31st March       31st March
                                                                                     2004             2003
                                                                                    £'000            £'000

Investments at valuation                                                          175,182          119,862

Net current liabilities                                                          (12,609)          (3,896)

Long term loan                                                                          -          (8,284)

Deferred taxation                                                                       -             (39)
                                                                                  _______          _______
Total net assets                                                                  162,573          107,643
                                                                                    =====            =====
Net asset value per ordinary share                                                 298.2p           196.9p



SUMMARISED CASH FLOW STATEMENT
                                                                                     2004             2003
                                                                                    £'000            £'000

Net cash inflow from operating activities                                             890              921

Net cash outflow from servicing of finance                                          (695)          (1,158)

Total tax  recovered                                                                  204              154

Net cash inflow from capital expenditure and financial investment                      11           14,612

Net cash outflow from financing                                                   (2,897)         (15,136)
                                                                                  _______          _______
Decrease in cash for the year                                                     (2,487)            (607)
                                                                                    =====            =====



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 31st March
2003. 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
21st June 2004




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