Interim Results

JP Morgan Fleming Indian IT PLC
21 June 2005

                       LONDON STOCK EXCHANGE ANNOUNCEMENT

                  JPMORGAN FLEMING INDIAN INVESTMENT TRUST PLC

       UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31st MARCH 2005


The Directors of JPMorgan Fleming Indian Investment Trust plc announce the
Company's unaudited results for the six months ended 31st March 2005:-



Total Returns (capital plus income)


Return to shareholders          24.1%

Return on net assets            19.3%

Benchmark return                16.8%



Chairman's Comments


Performance

In a strong period of performance for Indian equity markets generally, I am
pleased to report that the Company has again outperformed its benchmark, the
MSCI India Index (in sterling terms). The Company's return on net assets for the
six months to 31st March 2005 was +19.3%, compared to the return of +16.8% from
the benchmark. The return to shareholders over the period was +24.1%, which
reflected both the underlying portfolio performance and the movement of the
share price from a discount to a premium to net asset value.



Review

Although this six month period was one of positive returns for the Indian equity
market, the bulk of the total gains were achieved in November and December,
after which the market oscillated. However, during the first four months of this
calendar year, during which the broad benchmarks have been flat, small and mid
cap stocks have significantly outperformed.



In the last two months of 2004, foreign liquidity was the main driver of
performance for the market. Foreign Institutional Investors pumped in more than
US$2.7bn, although partly absorbed by large billion dollar IPOs such as Tata
Consultancy Services and National Thermal Power. This has continued in 2005,
with foreign investors adding another US$3.3bn, driven by both large primary and
secondary market deals as well as new funds being raised globally for India.



Liquidity was so strong that it allowed the market to largely ignore the Ambani
brothers' family feud over ownership issues of Reliance that unfolded in
November and resulted in Reliance group companies underperforming the market as
a whole.



However, what has changed in the liquidity equation is supply. Companies have
become more opportunistic about raising new capital. What is troubling is the
participation by smaller companies, and the needless raising of equity often at
rich valuations.



The results season was somewhat mixed. While headline numbers remained strong,
reflecting strong underlying demand conditions, several trends need more careful
attention. Most notable were the increasing contribution of international
cyclicals such as petrochemicals, oil and metals and the higher incidence of
companies reflecting cost-push driven margin pressure.



The Congress-led UPA government has continued with a process of what might be
described as reform by stealth. While the coalition is fragile, and overly
dependent on the communist parties, the Manmohan Singh-Chidambaram-Montek Singh
Ahluwalia combine has exceeded expectations.



The themes in our portfolio have not changed significantly: we remain optimistic
about infrastructure and capital expenditure beneficiaries; we continue to hold
high quality domestic consumer plays with secure growth and profitability
prospects and we are neutral IT services. Furthermore, we may look to trim/
rotate our pharmaceutical exposure. We are staying away from small and mid cap
stocks.



Gearing

The Company's one year US$15m borrowing facility with The Royal Bank of Scotland
expired on 8th April 2005. The Company has subsequently extended the facility
for a further one year period but has increased the available borrowings to £15m
to match the growth in assets.



Share Issue

As stated in my last annual statement, the Board has established guidelines
relating to the issue of shares if they trade at a premium to net asset value.
As the Company's shares have more often than not traded at a premium in 2005,
the Board's authority to issue shares for cash has been utilised and at the time
of writing a total of 7,885,000 new ordinary shares have been issued.



Outlook

Our view remains unchanged: while the fundamental backdrop remains attractive on
a long term basis and the broad direction for Indian equities is upward, we
expect volatility and challenges along the way. 2003 was a great year for
equities: earnings were cyclically low, valuations were extremely attractive,
global interest rates were low and liquidity was ample. Returns were excellent.
2005 is more likely to resemble 2004 than 2003: corporate performance will be
less uniform, even within sectors; reasonable earnings growth is priced in and
surprises in either direction will drive share prices and, with the market at or
close to an all time high, there will be little room for any accidents.



Philip Daubeney
Chairman                        21st June 2005




For further information please contact:

Andrew Norman
JPMorgan Asset Management (UK) Limited - Secretary
Telephone: [phone]





JPMorgan Fleming Indian Investment Trust plc
Unaudited figures for the six months ended 31st March 2005

Consolidated Statement of Total Return (Unaudited)


                      Six months to 31st March 2005     Six months to 31st March 2004  Year to 30th September 2004

                         Revenue    Capital       Total   Revenue    Capital     Total  Revenue    Capital    Total

                           £'000      £'000       £'000     £'000      £'000     £'000   £'000       £'000    £'000


Realised gains/
(losses) on
investments                    -      3,131       3,131         -      3,038     3,038          - (34,745) (34,745)
Unrealised gains on
investments
                               -     21,678      21,678         -     23,570    23,570          -   49,684   49,684
Currency losses on
cash and short term
deposits held during
the period                     -                                -
                                       (61)        (61)                 (16)      (16)          -     (58)     (58)
Currency  translation
difference
                               -    (2,748)     (2,748)         -    (6,787)   (6,787)          -    5,303    5,303
Other capital charges          -        (4)         (4)         -       (43)      (43)          -     (65)     (65)
Exchange adjustments           -    (1,347)     (1,347)         -       (16)      (16)          -     (14)     (14)
Realised gains on
intercompany loan
                               -          -           -         -        557       557          -      557      557
Overseas dividends           434          -         434       403          -       403      1,701        -    1,701
Overseas interest              -          -           -         -          -         -         29        -       29
Deposit interest              38          -          38        28          -        28         26        -       26
                         _______   ________     _______   _______   ________   _______    _______  _______  _______

Gross return                 472     20,649      21,121       431     20,303    20,734      1,756   20,662   22,418



Management fee             (793)          -       (793)     (486)          -     (486)    (1,143)        -  (1,143)

Other administrative
expenses
                           (260)          -       (260)     (362)          -     (362)      (771)        -    (771)
Interest payable            (15)          -        (15)      (37)          -      (37)       (23)        -     (23)

                         _______    _______     _______   _______    _______   _______    _______  _______  _______

(Loss)/return before       (596)     20,649      20,053     (454)     20,303    19,849      (181)   20,662   20,481
taxation

Taxation                    (15)          -        (15)       (4)          -       (4)       (39)        -     (39)

                          ______    _______     _______    ______    _______   _______    _______  _______  _______

(Loss)/return
attributable to
shareholders               (611)     20,649      20,038     (458)     20,303    19,845      (220)   20,662   20,442

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

(Loss)/return per        (0.71)p     23.87p      23.16p   (0.63)p     28.08p    27.45p    (0.28)p   26.45p   26.17p
ordinary share







JPMorgan Fleming Indian Investment Trust plc
Unaudited figures for the six months ended 31st March 2005


CONSOLIDATED BALANCE SHEET                                    31st March         31st March     30thSeptember
                                                                 2005               2004              2004
                                                                £'000              £'000             £'000

Investments at valuation                                             135,533            105,714          103,520


Net current (liabilities)/assets                                       (236)            (1,499)            1,291
                                                                      ______             ______          _______

Total net  assets                                                    135,297            104,215          104,811
                                                                       =====              =====            =====
Net asset value per ordinary share                                    149.0p             124.2p           124.9p

CONSOLIDATED CASH FLOW STATEMENT
                                                                        2005               2004             2004
                                                                       £'000              £'000            £'000

Net cash outflow from operating activities                             (501)              (301)            (149)

Net cash outflow from returns on investments and                        (15)               (36)             (26)
servicing of finance

Net cash outflow from capital expenditure and financial             (11,382)           (16,980)         (14,337)
investment


Net cash inflow from financing                                         8,976             17,755           17,022

Taxation paid                                                              -                  -             (16)
                                                                     _______            _______           ______
(Decrease)/increase in cash for the period                           (2,922)                438            2,494
                                                                       =====               ====             ====




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 30th September
2004. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.



JPMORGAN ASSET MANAGEMENT (UK) LIMITED
21st June 2005


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