Interim Results

JPMorgan Fleming Eur Fldglng IT PLC
28 November 2002


            JPMORGAN FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC

                       LONDON STOCK EXCHANGE ANNOUNCEMENT


JPMorgan Fleming European Fledgeling Investment Trust plc today announces its
results for the six months ended 30th September 2002.



Performance



Global equity markets have continued to suffer, with European smaller companies
being no exception. In the six months to 30th September 2002 the Company
produced a total return on net assets of -27.7%. This compares with the
Company's benchmark, the HSBC Smaller European Companies (ex UK) Index which
produced a total return of -29.6%. The Company's share price fell from 221.0p to
147.5p during the six months and the discount widened from 18.9% to 25.1%,
reflecting a general widening of discounts within the industry and the sector.



Whilst this performance is disappointing in absolute terms for investors, the
relative performance continues to be good. Indeed, the Company remains the best
performer within the AITC European Smaller Companies sector over one, three,
five and ten years. The Company's objective is long term capital growth from
Smaller European Companies. Short term performance is likely to be volatile and
it is on long term performance that the Company should be judged.




During the period the Company's level of actual gearing reduced from 10.7% to
0.1%.

In the six months to 30th September 2002 the Company repurchased a total of
1,150,000 ordinary shares in the market for cancellation for a total
consideration of £2,141,270. Since 30th September 2002 the Company has
repurchased a further 250,000 shares at a cost of £383,266.



Revenue and Dividend



Revenue after tax for the six months to 30th September 2002 was £881,000 (2001:
loss of £440,000). This reflects an increase in dividend income from the
Company's portfolio, together with reductions in the management fee and interest
charges.

The Company's Investment objective is to achieve capital growth in the long term
and, as in previous years, our revenue estimates indicate that there will be a
deficit at the end of the year. In view of the deficit on the revenue reserve,
no dividend will be payable.



Michael Hart, Chairman

28th November 2002



For further information, please contact:

Jonathan Latter

J. P. Morgan Fleming Asset Management (UK) Limited                    020 7742
6000



JPMorgan Fleming European Fledgeling Investment Trust plc

Unaudited figures for the six months ended 30th September 2002



Statement of Total Return (Unaudited)


                     Six months to 30th September     Six months to 30th September   Year to 31st March 2002
                                2002                                2001

                       Revenue     Capital     Total   Revenue    Capital      Total Revenue     Capital     Total
                         £'000       £'000     £'000     £'000      £'000      £'000     £'000     £'000     £'000


Realised losses on
investments                  -    (22,502)  (22,502)         -   (18,657)   (18,657)         - (31,034)   (31,034)
Net change in
unrealised
appreciation                 -    (21,666)  (21,666)         -   (44,303)   (44,303)         -     4,686   4,686

Currency (loss)/gain
on cash and short
term deposits held
during the year              -       (117)     (117)         -      (288)      (288)         -     (224)     (224)
Net change in
unrealised exchange
gains on currency
loans                        -       (592)     (592)         -        226        226         -       344     344

Realised gain on
repayment of  loan           -          --         -         -        273        273         -       362     362
Other capital                -       (159)     (159)         -       (39)       (39)         -      (54)     (54)
charges
Income from
investments              2,706           -     2,706     1,689          -      1,689     2,259         -  2,2590

Other income               143           -       143       379          -        379       520         -    520
                       _______     _______    ______    ______    _______    _______   _______   _______   _______

Gross return             2,849     (45,036) (42,187)     2,068   (62,788)   (60,720)     2,779  (25,920) (23,141)
                               
Management fee           (913)           -     (913)   (1,071)          -    (1,071)   (1,969)         -  (1,969)

Other administrative                          
expenses                 (103)           -     (103)     (134)          -      (134)     (407)         -    (407)


Interest payable         (606)           -     (606)   (1,123)          -    (1,123)   (1,911)         -  (1,911)

                       _______     _______    ______   _______    _______    _______   _______   _______   _______

Return before            1,227    (45,036)  (43,809)     (260)   (62,788)   (63,048)   (1,508)  (25,920) (27,428)
taxation

Taxation                 (346)           -     (346)     (180)          -      (180)     (254)         -   (254)

                        ______     _______    ______    ______    _______    _______   _______   _______   _______

Return attributable        881    (45,036)  (44,155)     (440)   (62,788)   (63,228)   (1,762)  (25,920) (27,682)
to ordinary
shareholders
                        ______     _______    ______    ______    _______    _______   _______   _______   _______

Transfer to/(from)         881    (45,036)  (44,155)     (440)   (62,788)   (63,228)   (1,762)  (25,920) (27,682)
reserves
                         =====       =====     =====     =====      =====      =====     =====     =====     =====

Return per ordinary      1.53p    (78.30)p  (76.77)p   (0.73)p  (103.86)p  (104.59)p   (2.94)p  (43.29)p (46.23)p
share






JPMorgan Fleming European Fledgeling Investment Trust plc

Unaudited figures for the six months ended 30th September 2002


        Balance Sheet                                           30th September     30th September      31st March
                                                                          2002               2001            2002
        Assets                                                           £'000              £'000           £'000

        Investments at valuation                                       125,354            138,767         182,667

        Net current assets/liabilities                                  10,857             11,388           (718)
                                                                     _________          _________       _________

        Total assets less current liabilities                          136,211            150,155         181,949

                                                                       =======            =======         =======

Less :Euro loans                                                        23,566             23,237          22,974

Deferred taxation                                                            4                  6              37
        Total net assets                                               112,641            126,912         158,938

        Financed by :

        Share capital                                                   14,298             15,017          14,586
        Capital redemption reserve                                       1,338                619           1,050
        Other reserve                                                   37,007             42,669          39,149
        Capital reserve- realised                                       82,582            117,669          98,011
        Capital reserve- unrealised                                   (13,333)           (40,251)          16,275
        Revenue reserve                                                (9,251)            (8,811)        (10,133)
                                                                     _________          _________       _________

        Equity shareholders' funds                                     112,641            126,912         158,938

                                                                       =======            =======         =======

        Net assets value per share                                      197.0p             211.3p          272.4p

        Cash Flow Statement

                                                                 Six months to      Six months to         Year to
                                                                30th September     30th September      31st March
                                                                          2002               2001            2002

        Net cash inflow from operating activities                        1,228              1,268             849

        Net cash outflow from returns on investments and                 (625)            (1,592)         (2,460)
        servicing of finance

        Taxation recovered/(paid)                                          113              (109)            (11)

        Net cash inflow from capital expenditure and                    11,091             38,067          34,500
        financial investment

        Net cash outflow from financing                                (2,142)           (12,369)        (32,055)

                                                                       _______             ______          ______

        Increase in cash for the period                                  9,665             25,265             823

                                                                         =====               ====            ====


The above financial information does not constitute statutory accounts for the
six months ended 30 September 2002 or 2001.  The financial information for the
year ended 31st March 2002 is derived from the statutory accounts for that year
that have been delivered to the Registrars of Companies.  The auditors reported
on those accounts; their report was unqualified and did not contain a statement
under s237(2) or (3) Companies 1985.  The statutory accounts for the six months
ended 30 September 2002 will be finalised on the basis of the financial
information presented by the directors in this preliminary announcement and will
be delivered to the Registrar of Companies following the company's annual
general meeting.



J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
28th November 2002






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