Final Results

JP Morgan Indian Invest Trust PLC
15 December 2005

                          JPMORGAN INDIAN INVESTMENT TRUST PLC

                              STOCK EXCHANGE ANNOUNCEMENT



The Board today announces the preliminary results of the Company for the year
ended 30th September 2005.



Chairman's Statement



Year Under Review

For the third year in a row, the Company has provided substantial returns for
shareholders and achieved continued outperformance of its benchmark index. Over
the year to 30th September 2005, the Company produced a total return on net
assets of 71.3% compared with the total return of our benchmark, the MSCI India
Index (in Sterling terms), of 62.6%. The return to shareholders over the period
was better still at 78.5%, which takes into account the movement of the
Company's shares from a 2.1% discount to a 2.0% premium.



The primary factor in the Company's outperformance was the positive effect of
sector selection. Particularly strong performance was derived from the Company's
investments in the automobiles, construction materials and engineering sectors.



The confidence that developed during the course of 2004 and the remarkable level
of foreign investment that followed have continued into 2005 and markets,
despite a setback in March and April, have rallied as a result. The Managers
remain upbeat about the prospects for the forthcoming year and have maintained
the investment themes of infrastructure and capital projects, high quality
domestic consumer stocks and, more recently, IT services.



Board of Directors

The Directors retiring by rotation are Pierre Dinan and David Baker. The
Nomination Committee of the Board have met to consider the attributes of each
individual and, following this review, recommend to shareholders that both
should be re-elected. The Board believes that length of service in itself should
neither disqualify a Director from seeking re-election, nor affect a Director's
independence and, in proposing David Baker's re-election, it has taken into
account the ongoing requirements of the Combined Code.



Investment Manager

The Board has reviewed the investment management, secretarial and marketing
services provided to the Company by JPMorgan Asset Management (UK) Limited ('
JPMAM'). This annual review has included their performance record, management
processes, investment approach, resources and risk control mechanisms. The Board
was satisfied with the results of the review and therefore in the opinion of the
Directors, the continuing appointment of JPMAM for the provision of these
services is in the best interests of shareholders.



Share Capital & Discount Management

At the Annual General Meeting in January 2005, shareholders granted the
Directors authority to repurchase up to 14.99% of the Company's shares for
cancellation. Although no shares were repurchased during the year, the Board
believes that a facility to reduce discount volatility is important and is,
therefore, seeking approval from shareholders to renew the authority at the
forthcoming Annual General Meeting. Shares repurchased in this way might not be
cancelled but rather held as treasury shares. Purchases of shares to be held in
treasury will be made in accordance with the Listing Rules of the UK Listing
Authority and the Companies (Acquisitions of Own Shares) (Treasury Shares)
Regulations 2003 as amended. Shareholders also granted the Directors authority
to issue new ordinary shares. Over the course of the year, the Company's
ordinary shares moved to trade at a premium to net asset value ("NAV") and,
consequently, 12,424,000 new ordinary shares were issued at an average premium
of 1.83%. At an Extraordinary General Meeting held on 1st November 2005,
shareholders renewed the Directors' authority to issue shares for cash, such
authority to last until 31st October 2010. The Board has established guidelines
relating to the issue of shares and if the conditions are met, this authority
will be utilised to enhance the Company's NAV per share and therefore benefit
existing shareholders.



To supplement this authority the Board proposes to issue treasury shares when
appropriate, as issuing shares out of treasury would avoid the payment of
listing fees to the London Stock Exchange and the UK Listing Authority. The
Board will only buy back shares at a discount to their prevailing net asset
value, and issue shares when they trade at a premium to their net asset value,
so as not to prejudice remaining shareholders.



The Board believe that the judicious use of share repurchase and issuance powers
can minimise discount volatility by enabling the repurchase of shares at a
discount and the issuance of new shares at a premium to their NAV. By
undertaking such a programme the Board hopes to maintain the share price in a
reasonable range around NAV.  The Directors believe that this would be in the
best interests of shareholders as a whole.



Annual General Meeting

This year's Annual General Meeting will be held at Salters' Hall, 4 Fore Street,
London EC2Y 5DE at 12 noon on Tuesday 24th January 2006. As in previous years,
in addition to the formal part of the meeting, there will be a presentation from
representatives of the Manager, Ted Pulling and Rukhshad Shroff, who will answer
questions on the portfolio and performance. There will also be an opportunity to
meet the Board and representatives of JPMorgan.



Philip Daubeney

Chairman 15th December 2005



JPMorgan Indian Investment Trust plc
Unaudited Consolidated figures for the year ended 30th September 2005



Statement of Total Return


                            Year ended 30th September 2005       Year ended 30th September 2004
                                Revenue     Capital        Total      Revenue     Capital       Total
                                  £'000       £'000        £'000        £'000       £'000       £'000
Realised gains/(losses) on
investments                           -       7,151        7,151            -    (34,745)    (34,745)

Unrealised gains on
investments                           -      70,497       70,497            -      49,684      49,684

Currency translation
differences                           -       3,268        3,268            -       5,846       5,846

Currency losses on cash and
short-term deposits
held during the year                  -        (90)         (90)            -        (58)        (58)

Other capital charges                 -        (28)         (28)            -        (65)        (65)

Income from investments           2,163           -        2,163        1,730           -       1,730

Other income                         77           -           77           26           -          26
                                _______    ________      _______      _______     _______     _______

Gross return                      2,240      80,798       83,038        1,756      20,662      22,418



Management fee                  (1,862)           -      (1,862)      (1,143)           -     (1,143)

Other administrative
expenses                          (718)           -        (718)        (771)           -       (771)

Interest payable                   (29)           -         (29)         (23)           -        (23)

                                _______     _______      _______      _______     _______     _______

(Loss)/return before              (369)      80,798       80,429        (181)      20,662      20,481
taxation

Taxation                           (26)           -         (26)         (39)           -        (39)

                                 ______     _______      _______      _______     _______     _______

Transfer (from)/to reserves       (395)      80,798       80,403        (220)      20,662      20,442
                                  =====       =====        =====        =====       =====       =====

(Loss)/return per ordinary
share                            (0.45)p      89.93p       89.48p      (0.28)p      26.45p      26.17p





JPMorgan Indian Investment Trust plc
Unaudited Consolidated figures for the year ended 30th September 2005


BALANCE SHEET                                                          30th September      30th September
                                                                                 2005                2004
Fixed assets                                                                    £'000               £'000

Investments at valuation                                                      208,675             103,520

Debtors                                                                         2,120               1,753

Cash and short term deposits                                                      425               2,901

Creditors: Amounts falling due within one year                                (5,050)             (3,363)
                                                                               ______              ______
Total Equity shareholders' funds                                              206,170             104,811
                                                                                =====               =====
Net asset value per ordinary share                                             214.0p              124.9p

CASH FLOW STATEMENT
                                                                                 2005                2004
                                                                                £'000               £'000

Net cash outflow from operating activities                                      (443)               (149)

Net cash outflow from servicing of finance                                       (29)                (26)

Total tax paid                                                                   (17)                (16)

Net cash outflow from capital expenditure and financial
investment                                                                   (21,642)            (14,337)

Net cash inflow from financing                                                 19,700              17,022
                                                                              _______             _______
(Decrease)/increase in cash for the year                                      (2,431)               2,494
                                                                                =====               =====



The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The statutory accounts for 30
September 2005 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. The comparative financial information for the year ended 30 September
2004 is derived from the statutory accounts for that year which have been
delivered to the Registrar of Companies. The auditors have reported on those
statutory accounts; their report was unqualified and did not contain a statement
under s237(2) or (3) Companies Act 1985.



The financial information contained within this preliminary announcement has
been prepared on the basis of the accounting policies as stated in the financial
statements for the year ended 30th September 2004.





JPMORGAN ASSET MANAGEMENT (UK) LIMITED










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