Interim Results

JPMorgan Eur Fldglng Inv Trust PLC
15 November 2006

                       LONDON STOCK EXCHANGE ANNOUNCEMENT

               JPMORGAN EUROPEAN FLEDGELING INVESTMENT TRUST PLC

     UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2006


The following are comments from the Chairman:

Performance


This is my first Chairman's statement since I was appointed as Chairman of the
Company at the Annual General Meeting held on 12th July 2006. This has been a
challenging period due to the volatility of the small cap European markets over
these six months. It is pleasing to report that, despite the turbulent period
which resulted in some short term losses, the investment managers ended the
period with a return on net assets of -1.6%, ahead of the Company's benchmark,
the HSBC Smaller European Companies (ex UK) Index, which returned -2.8%. The
return to shareholders as measured by the share price was -5.2%, which was
mainly due to the discount widening from 10.3% as at 31st March 2006 to 13.5% as
at 30th September 2006.



European small cap markets have performed very strongly since the first half of
2003 and for the past year the Board and investment managers have been cautious,
aware of the possibility of a market correction. This has been reflected in the
low levels of gearing carried by the Company over the period. The Board remains
cautious overall about the market outlook. In this environment the experience of
the investment managers stands the Company in good stead and the Board is
confident it will enable them to continue to demonstrate their excellent stock
picking abilities.



In the six months to 30th September 2006, the Company has continued to actively
use the authority given by shareholders to buy and sell its shares through
treasury. The Board believes that having the ability to use treasury has the
effect of improving liquidity in the Company's shares, managing any imbalance
between the supply and demand, minimising the volatility and the absolute level
of the discount and enhancing the net asset value by selling shares at a
narrower discount than that at which they were purchased. At the beginning of
the period, when the markets were buoyant, 175,000 shares were sold from
treasury at a narrower discount than that at which they were purchased. Since
the market correction in May, the Board took the decision to buy shares into
treasury for the advantages detailed above, and as at 30th September 2006 held
1,881,319 in treasury. No shares have been bought in and cancelled over the
period.



Board of Directors



As I am sure you are aware, the previous Chairman, Michael Hart, retired from
the Board at the conclusion of the Company's Annual General Meeting on 12th July
2006. Michael had served as a Director since October 1997 and had been Chairman
since July 1998. On behalf of the Board and shareholders I would sincerely like
to thank Michael for the contribution that he has made to the Company and his
excellent leadership and wise counsel during his time on the Board.



Revenue and Dividend



Revenue return after tax for the six months to 30th September 2006 was £2.699
million, significantly higher than previous years (2005: £0.986 million). Whilst
somewhat reduced, the Company still has a net deficit of revenue reserves,
£5.984 million at the end of the period, reflecting the Company's objective to
achieve capital growth in the long term rather than

to obtain revenue. Accordingly, as in previous periods, no dividend will be
payable.





Elisabeth Airey

Chairman        15th November 2006





For further information please contact:





Hilary Lowe
JPMorgan Asset Management (UK) Limited
Telephone [phone]


JPMorgan European Fledgeling Investment Trust plc


Income Statement
for the six months ended 30th September 2006

 
                                   (Unaudited)                    (Unaudited)                    (Audited)
                              Six months ended 30th          Six months ended 30th            Year ended 31st
                                September 2006                  September 2005                   March 2006
                           Revenue   Capital      Total   Revenue    Capital     Total  Revenue  Capital    Total
                            return    return     return    return     return    return  return   return    return
                             £'000     £'000      £'000     £'000      £'000     £'000   £'000    £'000     £'000

(Losses)/gains from
investments held at fair
value through profit or
loss
                                 -  (10,589)   (10,589)         -     78,700    78,700         -  151,194  151,194
Income from investments      5,944         -      5,944     3,128          -     3,128     4,667        -    4,667

Other interest
receivable and similar
income                          70         -         70        64          -        64       231        -      231

                           _______   _______     ______     _____    _______   _______     _____   ______  _______

Gross revenue and
capital gains/(losses)
                             6,014  (10,589)    (4,575)     3,192     78,700    81,892     4,898  151,194  156,092


Management fee             (2,041)         -    (2,041)   (1,367)          -   (1,367)   (3,159)        -  (3,159)

Other administrative
expenses                     (310)         -      (310)     (320)          -     (320)     (592)        -    (592)
                           _______   _______     ______    ______     ______   _______    ______   ______  _______

Net return/(losses)
before finance costs and
taxation                     3,663  (10,589)    (6,926)     1,505     78,700    80,205     1,147  151,194  152,341

Finance costs                (487)         -      (487)     (166)          -     (166)     (525)        -    (525)

                           _______   _______     ______    ______     ______   _______    ______   ______  _______

Net return/(losses)
before taxation              3,176  (10,589)    (7,413)     1,339     78,700    80,039       622  151,194  151,816
Taxation                     (477)         -      (477)     (353)          -     (353)     (406)        -    (406)

                            ______   _______     ______    ______    _______   _______   _______   ______  _______

Net return/(losses)
after taxation               2,699  (10,589)    (7,890)       986     78,700    79,686       216  151,194  151,410
                             =====     =====      =====     =====      =====     =====     =====    =====    =====

Return/(losses) per          5.23p  (20.52)p   (15.29)p     1.86p    148.74p   150.60p     0.41p  286.38p  286.79p
share


All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.



JPMorgan European Fledgeling Investment Trust plc

Reconciliation of Movements in Shareholders' Funds (unaudited)

the  six months ended 30th September 2006




                                    Called up       Share      Capital
                                        share     premium   redemption     Other    Capital   Revenue       Total
                                      capital     account      reserve   reserve    reserve   reserve
                                        £'000       £'000        £'000     £'000      £'000    £'000        £'000

At 31st March 2005                     13,391           -        2,245    30,564    188,633   (8,899)     225,934
Adjustment to opening
shareholders fund at 1st April
2005 to reflect the adoption of
bid prices                                  -           -            -         -      (752)         -       (752)
Repurchase of shares into                   -           -            -   (1,623)          -         -     (1,623)
treasury
Sale of shares from treasury                -          91            -       675          -         -         766
Repurchase of shares for
cancellation                            (196)           -          196   (2,765)          -         -     (2,765)
Total return from ordinary                  -           -            -         -    151,194       216     151,410
activities
                                      _______     _______     ________   _______   ________   _______    ________
At 31st March 2006                     13,195          91        2,441    26,851    339,075   (8,683)     372,970
Repurchase of shares into                   -           -            -  (11,191)          -         -    (11,191)
treasury
Sale of shares from treasury                -         216            -       945          -         -       1,161
Total return from ordinary                  -           -            -             (10,589)     2,699     (7,890)
activities
                                      _______     _______     ________   _______   ________   _______    ________
At 30th September 2006                 13,195         307        2,441    16,605    328,486   (5,984)     355,050
                                        =====       =====        =====     =====      =====     =====       =====



JPMorgan European Fledgeling Investment Trust plc






Balance Sheet

as at 30th September 2006                                 (Unaudited)        (Unaudited)             (Audited)
                                                  30th September 2006     30th September            31st March
                                                                                    2005                  2006
                                                                £'000              £'000                 £'000
Non current assets
Investments at fair value through profit or loss              354,904            329,066               387,213


Net current assets/(liabilities)                                  146           (26,210)              (14,243)
                                                              _______            _______               _______
Total assets less current liabilities                         355,050            302,856               372,970
                                                              _______            _______               _______
Total net assets                                              355,050            302,856               372,970
                                                               ======             ======                ======
Net asset value per  share                                     697.5p             573.8p                709.0p


Cash Flow Statement                                       (Unaudited)        (Unaudited)             (Audited)
                                                     Six months ended   Six months ended            Year ended
                                                       30th September     30th September            31st March
                                                                 2006               2005                  2006
                                                                £'000              £'000                 £'000

Net cash inflow from operating activities                       3,005              1,421                   553
Net cash outflow from returns on investments and
servicing of finance                                            (488)              (173)                 (556)
Tax recovered                                                      25                 62                   184
Net cash inflow/(outflow) from capital
expenditure and financial investment                           15,041            (1,360)                15,757
Net cash (outflow)/inflow from financing                     (20,465)              8,313              (27,547)
                                                              _______             ______                ______
(Decrease)/increase in cash for the period                    (2,882)              8,263              (11,609)
                                                               ======             ======                 =====



The figures and financial information for the year ended the 31st March 2006 are
extracted from the latest published accounts of the Company and do not
constitute statutory accounts for that year. Those accounts have been delivered
to the Registrar of Companies and included the report of the auditors which was
unqualified and did not contain a statement under either section 237(2) or 237
(3) of the Companies act 1985.




JPMORGAN ASSET MANAGEMENT (UK) LIMITED

15th November 2006






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