Half Year Report JPMorgan Asian Investment Trust plc. Half Year Report & Accounts for the six months ended 31st March 2010

2010 Half Year Report JPMorgan Asian Investment Trust plc Half Year Report & Accounts for the six months ended 31st March 2010

Features Contents About the Company 1 Half Year Performance 2 Chairman s Statement 4 Investment Managers Report Investment Review 6 Ten Largest Investments 7 Portfolio Analyses Accounts 8 Income Statement 9 Reconciliation of Movements in Shareholders Funds 10 Balance Sheet 11 Cash Flow Statement 12 Notes to the Accounts Shareholder Information 15 Subscription Shares 15 Rollover Apportionments 16 Interim Management Report 17 Glossary of Terms and Definitions 21 Information about the Company Objective Capital growth, primarily from investing in equities quoted on the stockmarkets of Asia, excluding Japan Investment Policies - To have a diversified portfolio of Asian stocks. - To have a portfolio comprising 50 to 80 investments. - To use borrowings from time to time to gear the portfolio within a range of 90% 120% invested. Benchmark MSCI AC Asia ex Japan Index with net dividends reinvested, expressed in sterling terms. Capital Structure The Company has an authorised share capital of 720,000,000 Ordinary shares of 25p each (of which 163,781,834 were in issue at 31st March 2010) and 32,000,805 Subscription shares of 1p each (of which 27,466,125 were in in issue at 31st March 2010). Continuation Vote In accordance with the Company s Articles of Association, the Directors are required to propose a resolution that the Company continue as an investment trust at the Annual General Meeting in 2011 and every third year thereafter. Management Company The Company employs JPMorgan Asset Management (UK) Limited ( JPMAM or the Manager ) to manage its assets.

Half Year Performance Total Returns (includes dividends reinvested) +14.6% Portfolio return less fees and expenses 1,2 +13.8% Benchmark return 3 +13.1% Diluted return on net assets 1,4 +12.2% Return to Ordinary shareholders 5 1 Source: J.P.Morgan. 2 Return on net assets, that is net of management fees and administration expenses, but excluding the effect of Subscription shares which have been converted during the year and the dilutive impact of Subscription shares in issue at the period end. 3 Source: MSCI. The Company s benchmark is the MSCI Asia ex Japan Index with net dividends reinvested, expressed in sterling terms. 4 Return on net assets calculated using the diluted net asset value, which assumes that all outstanding Subscription shares were converted into Ordinary shares at the period end. 5 Source: Morningstar. Financial Data 31st March 30th September % 2010 2009 change Total net assets ( 000) 389,819 341,477 +14.2 Number of Ordinary shares in issue 163,781,834 160,460,074 +2.1 Number of Subscription shares in issue* 27,466,125 31,547,885-12.9 Diluted net asset value per Ordinary share 223.5p 200.4p +11.5 Undiluted net asset value per Ordinary share 238.0p 212.8p +11.8 Ordinary share price 204.8p 184.0p +11.3 Subscription share price 47.8p 41.5p +15.1 Ordinary share price discount to diluted net asset value 8.4% 8.2% * Details of the subscription rights conferred by these shares are given on page 15. Net asset value assuming that all outstanding Subscription shares were converted into Ordinary shares at the period end. The discount at 30th September 2009, based on the diluted net asset value after the deduction of the 1.5p final dividend, is 7.5%. A glossary of terms and definitions is provided on page 17. JPMorgan Asian Investment Trust plc. Half Year Report & Accounts 2010 1

Chairman s Statement Performance Asian stock markets continued to advance in the six months to 31st March 2010. Against this backdrop the Company s portfolio returned 14.6%, net of management fees and expenses, outperforming our benchmark index (the MSCI AC Asia Pacific ex Japan Index), which rose 13.8%. The Company s diluted net asset value total return (which assumes that the 27.5 million Subscription shares outstanding at 31st March 2010 were all exercised at 137p per share) was 13.1% and the return to Ordinary shareholders was 12.2%. A full review of portfolio performance and a breakdown of the elements contributing to it are set out in the investment managers report on pages 4 and 5. Subscription Shares The Company issued 32,000,805 Subscription shares as a bonus issue to qualifying shareholders on the basis of one Subscription share for every five Ordinary shares held in February 2009. Each Subscription share confers the right (but not the obligation) to subscribe for one Ordinary share at predetermined prices on any business day during the period from 1st April 2009 until 31st March 2014, after which the rights on the Subscription shares will lapse. Between 1st October 2009 and 31st March 2010, 4,081,760 Subscription shares were converted into Ordinary shares, raising proceeds of 5,592,000. As at the date of this Report, a further 15,545,805 Subscription shares have been converted, meaning that a total of 27,518,035 has been raised for investment by the Company since the Subscription shares were issued, with 63% of the original allotment of Subscription shares being converted. From 1st April 2010, the initial exercise price of 137p per Subscription share increased to 176p per share. Following this increase, the Company s Ordinary share price which is 200p at the time of writing, remains above the revised exercise price. The next and final step-up in exercise price, to 203p per share, takes place on 1st April 2012. Further details on the Subscription shares, including their exercise prices, the apportionments for capital gains tax purposes and how they may be exercised, can be found on the Company s website at www.jpmasian.co.uk and on page 15 of this Report. Discount Volatility The Board continually monitors the discount at which the Company s Ordinary shares trade to their net asset value and uses the buyback powers granted by shareholders when it is deemed appropriate. Towards the end of the review period, and as the Subscription shares approached their exercise price step-up, the discount widened in absolute terms and relative to our immediate peer group and the Board responded by authorising the repurchase of 760,000 Ordinary shares. These shares were bought back and cancelled for a total consideration of 1,491,000 at an average weighted discount of 10.6%. 2 JPMorgan Asian Investment Trust plc. Half Year Report & Accounts 2010

Gearing Throughout the period the portfolio employed average gearing of approximately 106%, which proved to be a good investment decision in rising markets. The Board has a policy of keeping gearing within the range of 90-120% invested. Outlook In the first week of May we were reminded that Asian stock markets are not immune to the fallout from economic events in other parts of the world. Our benchmark index fell 4.4% in sterling and 5.9% in local terms as investors reacted to the developing Eurozone sovereign debt crisis. Markets rebounded immediately following the announcement of the EU s emergency loan package for Greece, but nevertheless remain volatile. Our investment managers, therefore, sound a somewhat cautious note, whilst continuing to pick individual companies that they believe have sound fundamentals in a region with good long term growth prospects. James M Long Chairman 19th May 2010 JPMorgan Asian Investment Trust plc. Half Year Report & Accounts 2010 3

Investment Managers Report Market Review Joshua Tay Pauline Ng The MSCI AC Asia ex Japan Index rose 13.8% in sterling terms in the six months ended 31st March 2010, although it was not all plain sailing. Concerns over the contagion effect of potential defaults from Dubai World and Greece, fears that Chinese policy tightening would hurt growth in the region and worries over rising inflation in Asia all dampened sentiment at various points during the review period. In addition, after the sharp rebound earlier in 2009, Asian markets were no longer as attractively valued compared with the start of 2009 and they were vulnerable to profit taking. Nevertheless, Asian markets recovered after each sell-off, thanks to a recovery in US consumption, signs of stabilisation of the global economy and continued strong growth in the region. The top performing markets in Asia were Indonesia and Thailand. These markets were buoyed by strong foreign investment inflows and earnings upgrades in the stocks listed in these markets. India also performed well following a positive reaction to upgrades in GDP growth to 8.2% for the current fiscal year, on the back of robust industrial production numbers and improved crop yields. China underperformed the region due to concerns over monetary tightening, regulatory measures to control speculation in the property market and concerns over capital raising by the banking sector. The Taiwanese market was weighed down by the poor performance of its technology sector. Performance At portfolio level, the Company outperformed our benchmark index by 1.3%. Throughout the period we employed gearing of approximately 106%. This decision was a large contributor to outperformance. If we look at the underlying stock selection, the most significant contributor to performance over the period was the overweight position in Thailand s Banpu, a coal stock. Siam Cement, another Thai company also performed strongly over the period. These cyclical stocks were well placed to benefit from China s and India s increasing commodity demands. Within our Indonesian exposure, United Tractors, a construction machinery company and contract mining service, continued to support positive performance. This stock is held predominantly due to its solid growth prospects and leverage to increasing mining capital expenditure spending. In India our overweight positions in materials stocks such as Hindalco and Ambuja Cement also positively contributed to performance. These stocks rose strongly on the back of a recovery in industrial production and GDP growth in India. Furthermore our overweight position in Indian infrastructure related stocks, such as Mundra Port, assisted performance due to optimism over infrastructure roll-out plans in India. The portfolio s holdings exposed to strong consumption growth in China performed well over the period. This included pork distributor China Yurun Food Group, beverage company Yantai Changyu Pioneer Wine Co., and casino operators such as Wynn Macau and Sands China. By contrast, the major detractors to performance during the period were our overweight positions in Chinese property and materials stocks, which fell due to concerns over monetary tightening and over regulatory measures to control the property market. This included stocks such as Yanlord Land, China Resources Cement and Aluminium Corp of China, which all corrected sharply and detracted from performance. 4 JPMorgan Asian Investment Trust plc. Half Year Report & Accounts 2010

Investment Managers Report continued Performance attribution for the six months to 31st March 2010 Contributions to total returns % % Benchmark total return 13.8 Stock selection 0.7 Gearing/cash 0.8 Currency effect 0.2 Investment manager contribution 1.3 Portfolio total return 15.1 Management fees/ other expenses 0.5 Portfolio total return, net of fees and expenses 14.6 Conversion of Subscription shares 1.2 Net asset value total return undiluted 13.4 Subscription share dilution 0.3 Net asset value total return diluted 13.1 Source: FactSet, JPMAM and Morningstar. All figures are on a total return basis. Performance attribution analyses how the Company achieved its recorded performance relative to its benchmark index. A glossary of terms and definitions is provided on page 17. The portfolio s overweight position in Taiwanese financials such as Taishin Financial Holding Company, hurt performance as the sector was weighed down by concerns over asset quality and the delay in signing the Financial Memorandum of Understanding between China and Taiwan. Other asset plays such as Taiwan Fertilizer, also detracted from performance, as the stock suffered from profit taking after performing well earlier in 2009 on the back of strong expectations of asset reflation in Taiwan. In Korea, the portfolio performance was adversely affected by our overweight position in financials, such as Hana Financial Group, KB Financial Group and in insurance company Samsung Fire and Marine. After a strong third quarter in 2009, Korean financial stocks generally suffered from profit taking in the subsequent quarters. In addition, Korean banks were further affected due to concerns over the introduction of regulatory measures aimed to curb excessive lending in Korea. Market Outlook The recent sovereign debt concerns in Europe caused a significant correction in Asian equity markets, although they have recovered following the announcement of a rescue package for Greece, this issue highlights how Asian equity markets continue to be dependent on global risk appetite and capital flows. In the short-term, it would be difficult for Asian equities to register strong positive gains against a global backdrop of de-risking and rising risk aversion, and thus we would look to opportunistically lock in profit, lower gearing and/or raise cash if we believe that negative sentiment surrounding risk assets will persist. However, in terms of fundamentals, Asian corporates, and especially the stocks that we own in our portfolios, have very low levels of exposure to Greece, Portugal, Spain and other potentially vulnerable countries in the Eurozone. In addition, the sovereign debt concerns in Europe serve to highlight the strength of Asia s balance sheets, both at the sovereign and household levels. We believe that in the mid-long term, the balance sheet strength of Asia will be increasingly recognised and rewarded by investors. Given global debt concerns, it is almost certain that liquidity will remain buoyant from a global perspective despite tightening moves underway by major central banks in China, India and Australia. This is ultimately positive in the mid-long term for Asian equities. We continue to expect a strengthening in macro data in both the US (underpinning export order books in Taiwan and China) and China (led by consumption), paired with continued economic and monetary policy normalisation across the region. Valuations in Asia are acceptable; essentially the same as global emerging markets. The course of Asian equities in the second half of 2010 will be directed primarily by the trajectory of earnings growth estimates for the rest of this year and 2011. We remain optimistic about domestic consumption and infrastructure across Asia and the portfolio is consequently positioned to gain exposure to these longer-term trends. Importantly, we believe that India s role in driving commodity markets will increase as the momentum of infrastructure roll-out continues to accelerate. Valuations are now just under 2x Price/Book and 14x Price/Earnings for MSCI AC Asia ex-japan. However, we are continuing to see earnings upgrades, providing some support for valuations. Joshua Tay Pauline Ng Investment Managers 19 May 2010 JPMorgan Asian Investment Trust plc. Half Year Report & Accounts 2010 5

Ten Largest Investments at 31st March 2010 Active Valuation Portfolio Benchmark Position Company Country Sector 000 % 1 % % Ping An Insurance Hong Kong & China Financials 15,585 3.8 0.5 +3.3 Samsung Electronics South Korea Information Technology 14,077 3.4 3.6-0.2 Siam Cement Thailand Materials 12,470 3.0 0.1 +2.9 Hon Hai Precision Taiwan Information Technology 10,418 2.5 1.5 +1.0 Poly (Hong Kong) Investments Hong Kong & China Financials 10,066 2.4 0.1 +2.3 United Tractors Indonesia Industrials 9,847 2.4 0.1 +2.3 Olam International Singapore Consumer Staples 9,733 2.3 0.1 +2.2 China Construction Bank Hong Kong & China Financials 9,689 2.3 1.6 +0.7 Maruti Suzuki India India Consumer Discretionary 9,672 2.3 0.1 +2.2 Larsen & Toubro India Industrials 9,556 2.3 0.3 +2.0 Total 2 111,113 26.7 8.0 1 Based on total assets less current liabilities of 416.2m. 2 At 30th September 2009, the value of the ten largest investments amounted to 86.9m representing 23.7% of total assets less current liabilities. 6 JPMorgan Asian Investment Trust plc. Half Year Report & Accounts 2010

Portfolio Analyses Geographical Analysis 31st March 2010 30th September 2009 Active Active Portfolio Benchmark Position Portfolio Benchmark Position % 1 % % % 1 % % Hong Kong & China 37.7 37.1 +0.6 36.3 36.6-0.3 India 15.9 11.4 +4.5 11.1 10.9 +0.2 South Korea 15.3 19.1-3.8 14.9 19.9-5.0 Singapore 11.6 6.5 +5.1 10.1 6.6 +3.5 Taiwan 9.1 15.9-6.8 13.0 16.9-3.9 Indonesia 7.5 3.0 +4.5 8.1 2.7 +5.4 Thailand 5.6 2.2 +3.4 4.4 1.9 +2.5 Malaysia 4.2-4.2 3.9-3.9 Philippines 0.6-0.6 0.6-0.6 Net current (liabilities)/assets (2.7) -2.7 2.1 +2.1 Total 100.0 100.0 100.0 100.0 1 Based on total assets less current liabilities of 416.2m (30th September 2009: 366.5m). Sector Analysis 31st March 2010 30th September 2009 Active Active Portfolio Benchmark Position Portfolio Benchmark Position % 1 % % % 1 % % Financials 30.8 31.2 0.4 38.5 32.1 +6.4 Industrials 23.4 10.4 +13.0 20.2 10.3 +9.9 Materials 19.1 8.0 +11.1 12.8 7.6 +5.2 Information Technology 10.2 19.0 8.8 6.5 19.0 12.5 Consumer Discretionary 8.1 7.4 +0.7 5.3 6.8 1.5 Consumer Staples 7.4 4.4 +3.0 7.4 4.1 +3.3 Energy 2.3 8.2 5.9 5.5 8.2 2.7 Utilities 1.4 4.0 2.6 1.7 4.0 2.3 Telecommunication Services 6.7 6.7 7.4 7.4 Healthcare 0.7 0.7 0.5 0.5 Net current (liabilities)/assets (2.7) 2.7 2.1 +2.1 Total 100.0 100.0 100.0 100.0 1 Based on total assets less current liabilities of 416.2m (30th September 2009: 366.5m). JPMorgan Asian Investment Trust plc. Half Year Report & Accounts 2010 7

Income Statement for the six months ended 31st March 2010 (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st March 2010 31st March 2009 30th September 2009 Revenue Capital Total Revenue Capital Total Revenue Capital Total 000 000 000 000 000 000 000 000 000 Gains/(losses) on investments held at fair value through profit or loss 48,482 48,482 (9,617) (9,617) 98,117 98,117 Net foreign currency (losses)/gains (1,371) (1,371) 2,449 2,449 1,723 1,723 Income from investments 1,390 1,390 1,696 1,696 5,306 5,306 Other interest receivable and similar income 5 5 49 49 57 57 Gross return/(loss) 1,395 47,111 48,506 1,745 (7,168) (5,423) 5,363 99,840 105,203 Management fee (1,105) (1,105) (699) (699) (1,637) (1,637) Other administrative expenses (358) (358) (650) (650) (607) (607) Net (loss)/return on ordinary activities before finance costs and taxation (68) 47,111 47,043 396 (7,168) (6,772) 3,119 99,840 102,959 Finance costs (244) (244) (43) (43) (191) (191) Net (loss)/return on ordinary activities before taxation (312) 47,111 46,799 353 (7,168) (6,815) 2,928 99,840 102,768 Taxation (114) (114) (186) (186) (451) (451) Net (loss)/return on ordinary activities after taxation (426) 47,111 46,685 167 (7,168) (7,001) 2,477 99,840 102,317 (Loss)/return per Ordinary share diluted (note 4) (0.2)p 27.7p 27.5p 0.1p (4.5)p (4.4)p 1.5p 61.1p 62.6p (Loss)/return per Ordinary share undiluted (note 4) (0.3)p 29.0p 28.7p 0.1p (4.5)p (4.4)p 1.5p 62.4p 63.9p All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. The Total column of this statement is the profit and loss account of the Company and the Revenue and Capital columns represent supplementary information prepared under guidance issued by The Association of Investment Companies. The Total column represents all the information that is required to be disclosed in a Statement of Total Recognised Gains and Losses ( STRGL ). For this reason a STRGL has not been presented. 8 JPMorgan Asian Investment Trust plc. Half Year Report & Accounts 2010

Reconciliation of Movements in Shareholders Funds Called up Exercised Capital Six months ended share Share warrant redemption Other Capital Revenue 31st March 2010 capital premium reserve reserve reserve reserves reserve Total (Unaudited) 000 000 000 000 000 000 000 000 At 30th September 2009 40,430 4,187 977 3,009 106,481 183,473 2,920 341,477 Repurchase of Ordinary shares for cancellation (190) 190 (1,491) (1,491) Exercise of Subscription shares into Ordinary shares (41) 41 Issue of Ordinary shares on exercise of Subscription shares 1,021 4,571 5,592 Net return/(loss) on ordinary activities 47,111 (426) 46,685 Dividends appropriated in the period (2,444) (2,444) At 31st March 2010 41,220 8,799 977 3,199 106,481 229,093 50 389,819 Called up Exercised Capital Six months ended share Share warrant redemption Other Capital Revenue 31st March 2009 capital premium reserve reserve reserve reserves reserve Total (Unaudited) 000 000 000 000 000 000 000 000 At 30th September 2008 40,002 4,347 977 3,009 106,481 83,633 3,163 241,612 Net (loss)/return on ordinary activities (7,168) 167 (7,001) Dividends appropriated in the period (2,720) (2,720) At 31st March 2009 40,002 4,347 977 3,009 106,481 76,465 610 231,891 Called up Exercised Capital Year ended share Share warrant redemption Other Capital Revenue 30th September 2009 capital premium reserve reserve reserve reserves reserve Total (Audited) 000 000 000 000 000 000 000 000 At 30th September 2008 40,002 4,347 977 3,009 106,481 83,633 3,163 241,612 Bonus issue of Subscription shares 320 (320) Subscription shares issue costs (352) (352) Exercise of Subscription shares into Ordinary shares (5) 5 Issue of Ordinary shares on exercise of Subscription shares 113 507 620 Net return on ordinary activities 99,840 2,477 102,317 Dividends appropriated in the year (2,720) (2,720) At 30th September 2009 40,430 4,187 977 3,009 106,481 183,473 2,920 341,477 JPMorgan Asian Investment Trust plc. Half Year Report & Accounts 2010 9

Balance Sheet at 31st March 2010 (Unaudited) (Unaudited) (Audited) 31st March 2010 31st March 2009 30th September 2009 000 000 000 Fixed assets Investments held at fair value through profit or loss 427,499 225,607 358,728 Current assets Debtors 1,941 6,437 2,125 Cash and short term deposits 7,265 5,453 14,985 Derivative financial instruments 8 9,206 11,898 17,110 Creditors: amounts falling due within one year Bank loans (13,185) (6,253) Other creditors (7,330) (5,543) (3,098) Derivative financial instruments (1) Net current (liabilities)/assets (11,310) 6,355 7,759 Total assets less current liabilities 416,189 231,962 366,487 Creditors: amounts falling due after more than one year Bank loans (26,370) (25,010) Provisions for liabilities and charges Deferred tax (71) Total net assets 389,819 231,891 341,477 Capital and reserves Called up share capital 41,220 40,002 40,430 Share premium 8,799 4,347 4,187 Exercised warrant reserve 977 977 977 Capital redemption reserve 3,199 3,009 3,009 Other reserve 106,481 106,481 106,481 Capital reserves 229,093 76,465 183,473 Revenue reserve 50 610 2,920 Shareholders funds 389,819 231,891 341,477 Net asset value per Ordinary share diluted (note 5) 223.5p 143.6p 200.4p Net asset value per Ordinary share undiluted (note 5) 238.0p 144.9p 212.8p 10 JPMorgan Asian Investment Trust plc. Half Year Report & Accounts 2010

Cash Flow Statement for the six months ended 31st March 2010 (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st March 2010 31st March 2009 30th September 2009 000 000 000 Net cash (outflow)/inflow from operating activities (note 6) (532) 229 2,797 Net cash outflow from returns on investments and servicing of finance (229) (43) (180) Taxation paid (58) (341) Net cash outflow from capital expenditure and financial investment (15,480) (12,156) (35,527) Dividends paid (2,444) (2,720) (2,720) Net cash inflow from financing 10,737 32,196 Decrease in cash for the period (8,006) (14,690) (3,775) Reconciliation of net cash flow to movement in net funds/debt Net cash movement (8,006) (14,690) (3,775) Loans drawn down (6,636) (31,928) Exchange movements (1,369) 2,441 1,723 Changes in net funds/debt arising from cash flows (16,011) (12,249) (33,980) Net (debt)/funds at the beginning of the period (16,278) 17,702 17,702 Net (debt)/funds at the end of the period (32,289) 5,453 (16,278) Represented by: Cash and short term deposits 7,265 5,453 14,985 Bank loans (39,554) (31,263) Net (debt)/funds at the end of the period (32,289) 5,453 (16,278) JPMorgan Asian Investment Trust plc. Half Year Report & Accounts 2010 11

Notes to the Accounts for the six months ended 31st March 2010 1. Financial statements The information contained within the Financial Statements in this Half Year Report has not been audited or reviewed by the Company s auditors. The figures and financial information for the year ended 30th September 2009 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 498(2) or 498(3) of the Companies Act 2006. 2. Accounting policies The accounts have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice ( UK GAAP ) and with the Statement of Recommended Practice Financial Statements of Investment Trust Companies issued in January 2009. All of the Company s operations are of a continuing nature. The accounting policies applied in these Half Year Accounts are consistent with those applied in the Accounts for the year ended 30th September 2009. 3. Dividends (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st March 2010 31st March 2009 30th September 2009 000 000 000 Final dividend paid in respect of the year ended 30th September 2009 of 1.50p (2008: 1.70p) 2,444 2,720 2,720 No interim dividend has been declared in respect of the six months ended 31st March 2010 (2009: nil). 12 JPMorgan Asian Investment Trust plc. Half Year Report & Accounts 2010

4. (Loss)/return per share (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st March 2010 31st March 2009 30th September 2009 000 000 000 (Loss)/return per share is based on the following: Revenue (loss)/return (426) 167 2,477 Capital return/(loss) 47,111 (7,168) 99,840 Total return/(loss) 46,685 (7,001) 102,317 Weighted average number of Ordinary shares in issue during the period used for the purpose of the diluted calculation 169,930,441 160,007,154 163,311,137 Weighted average number of Ordinary shares in issue during the period used for the purpose of the undiluted calculation 162,727,424 160,007,154 160,122,194 Diluted Revenue (loss)/return per Ordinary share (0.2)p 0.1p 1.5p Capital return/(loss) per Ordinary share 27.7p (4.5)p 61.1p Total return/(loss) per Ordinary share 27.5p (4.4)p 62.6p Undiluted Revenue (loss)/return per Ordinary share (0.3)p 0.1p 1.5p Capital return/(loss) per Ordinary share 29.0p (4.5)p 62.4p Total return/(loss) per Ordinary share 28.7p (4.4)p 63.9p The diluted (loss)/return per Ordinary share represents the (loss)/return on ordinary activities after taxation divided by the weighted average number of Ordinary shares in issue during the period as adjusted in accordance with the requirements of Financial Reporting Standard 22: Earnings per share. JPMorgan Asian Investment Trust plc. Half Year Report & Accounts 2010 13

Notes to the Accounts continued 5. Net asset value per Ordinary share (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st March 2010 31st March 2009 30th September 2009 Diluted Ordinary shareholders funds assuming exercise of Subscription shares ( 000) 427,448 275,732 384,698 Number of potential Ordinary shares in issue 191,247,959 192,007,959 192,007,959 Net asset value per Ordinary share (pence) 223.5 143.6 200.4 Undiluted Ordinary shareholders funds ( 000) 389,819 231,891 341,477 Number of Ordinary shares in issue 163,781,834 160,007,154 160,460,074 Net asset value per Ordinary share (pence) 238.0 144.9 212.8 The diluted net asset value per Ordinary share assumes that all outstanding Subscription shares were converted into Ordinary shares at the period end. 6. Reconciliation of net return/(loss) on ordinary activities before finance costs and taxation to net cash (outflow)/inflow from operating activities (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st March 2010 31st March 2009 30th September 2009 000 000 000 Net return/(loss) on ordinary activities before finance costs and taxation 47,043 (6,772) 102,959 Add back capital (return)/loss before finance costs and taxation (47,111) 7,168 (99,840) Scrip dividends received as income (6) (133) Increase in accrued income (260) (207) (5) (Increase)/decrease in other debtors (8) (3) 61 (Decrease)/increase in accrued expenses (82) 195 25 Overseas taxation (114) (146) (270) Net cash (outflow)/inflow from operating activities (532) 229 2,797 7. Post balance sheet event At the end of the period, notice was received from the holders of 15,525,881 Subscription shares who wished to exercise their rights to subscribe for Ordinary shares at a price of 137 pence per share. The new Ordinary shares were duly allotted in two tranches on 9th April 2010 (CREST holders) and 16th April 2010 (certificated holders) and therefore these transactions have not been included in these accounts prepared as at 31st March 2010. From 1st April 2010 the conversion price of the Subscription shares increased to 176 pence per share. If the above transaction had been brought into account and assuming the remaining Subscription shares were converted into Ordinary shares at the new price of 176p, the diluted NAV per share would be 225.9p share, compared with the diluted NAV of 223.5p per share disclosed in these accounts. 14 JPMorgan Asian Investment Trust plc. Half Year Report & Accounts 2010

Subscription Shares On 4th February 2009 the Company issued Subscription shares as a bonus issue to the Ordinary shareholders on the basis of one Subscription share for every five Ordinary shares held. Each Subscription share conferred the right (but not the obligation) to subscribe for one Ordinary share on any business day during the period from 1st April 2009 until 31st March 2014, after which the rights on the Subscription shares will lapse. For the purposes of UK taxation, the issue of Subscription shares is treated as a reorganisation of the Company s share capital. Whereas such reorganisations do not trigger a chargeable disposal for the purposes of the taxation of capital gains, they do require shareholders to reallocate the base cost of their Ordinary shares between Ordinary shares and Subscription shares received. At the close of business on 5th February 2009 the middle market prices of the Company s Ordinary shares and Subscription shares were as follows: Ordinary shares: 127.5 pence Subscription shares: 21.25 pence Accordingly an individual investor who on 4th February 2009 held five Ordinary shares (or a multiple thereof) would have received a bonus issue of one Subscription share (or the relevant multiple thereof) and would apportion the base cost of such holding 96.77% to the five Ordinary shares and 3.23% to the Subscription shares. The conversion prices of the Subscription shares are as follows: If Subscription share rights are exercised on any day between and including 1st April 2010 and 31 March 2012, 176 pence. If Subscription share rights are exercised on any day between and including 1st April 2012 and 31st March 2014, 203 pence. Notice of the exercise of the Subscription share rights may be given at any time until 31st March 2014 and the Ordinary shares arising on conversion will be issued within ten business days of the first business day of the calendar month following the month in which the relevant notices are received by the registrars. For further details on how to exercise the Subscription share rights please refer to the Company s website at www.jpmasian.co.uk or contact the Company Secretary on 020 7742 6000. Rollover Apportionments For shareholders who rolled their investment in The Fleming Far Eastern Investment Trust plc into the Company, the Capital Gains Tax apportionments are shown below. The apportionment of the original base cost will depend upon which option under the Fleming Far Eastern reconstruction scheme was chosen. Option 1 All share option JPMorgan Asian Ordinary shares 0.95853 JPMorgan Asian Warrants 0.04147 Option 2 Share and Japanese unit option JPMorgan Asian Ordinary shares 0.64066 JPMorgan Asian Warrants 0.02772 S&P Japanese Units 0.33162 Option 3 Share and cash option JPMorgan Asian Ordinary shares 0.25082 JPMorgan Asian Warrants 0.01085 S&P Cash Units 0.73833 JPMorgan Asian Investment Trust plc. Half Year Report & Accounts 2010 15

Interim Management Report The Company is required to make the following disclosures in its Half Year Report. Principal Risks and Uncertainties The principal risks and uncertainties faced by the Company fall into six broad categories: investment and strategy; market; accounting, legal and regulatory; corporate governance and shareholder relations; operational; and financial. Information on each of these areas is given in the Business Review within the Annual Report and Accounts for the year ended 30th September 2009. Directors Responsibilities The Board of Directors confirms that, to the best of its knowledge: (i) the condensed set of financial statements contained within the half yearly financial report has been prepared in accordance with the Accounting Standards Board s Statement Half-Yearly Financial Reports ; and (ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure and Transparency Rules. Related Party Transactions During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company during the period. For and on behalf of the Board James M Long Chairman 19th May 2010 16 JPMorgan Asian Investment Trust plc. Half Year Report & Accounts 2010

Glossary of Terms and Definitions Portfolio return Return on net assets, that is net of management fees and administration expenses, but excluding the effect of Subscription shares which have been converted during the year and the dilutive impact of Subscription shares in issue at the period end. Return to Ordinary shareholders Total return to the Ordinary Shareholder on a mid-market price to mid-market price basis, assuming that all dividends received were reinvested, without transaction costs, in the Ordinary shares of the Company at the time the shares were quoted ex-dividend. Diluted net asset value ( NAV ) per Ordinary share The diluted NAV per Ordinary share assuming that all outstanding Subscription shares were converted into Ordinary shares at the period end. Diluted return on net assets Return on the diluted NAV, on a bid value to bid value basis, assuming that all dividends paid out by the Company were reinvested in the shares of the Company at the diluted NAV per share at the time the shares were quoted ex-dividend. In accordance with industry practice, dividends payable which have been declared but which are unpaid at the balance sheet date are deducted from the diluted NAV when calculating the diluted return on net assets. Undiluted return on net assets Return on the undiluted NAV per share, on a bid value to bid value basis, assuming that all dividends paid out by the Company were reinvested in the shares of the Company at the undiluted NAV per share at the time the shares were quoted ex-dividend. In accordance with industry practice, dividends payable which have been declared but which are unpaid at the balance sheet date are deducted from the undiluted NAV when calculating the undiluted return on net assets. Benchmark total return Total return on the benchmark, on a mid-market value to mid-market value basis, assuming that all dividends received were reinvested in the shares of the underlying companies at the time the shares were quoted ex-dividend. The benchmark is a recognised index of stocks which should not be taken as wholly representative of the Company s investment universe. The Company s investment strategy does not follow or track this index and consequently, there may be some divergence between the Company s performance and that of the benchmark. Share price discount/premium to diluted NAV per Ordinary share If the share price of an investment company is lower than the NAV per share, the shares are said to be trading at a discount. The discount is shown as a percentage of the NAV. The opposite of a discount is a premium. It is more common for an investment company s shares to trade at a discount than at a premium. Active position The active position shows the difference between the Company s holding of an individual stock, sector or country compared with that stock, sector or country s weighting in the Company s benchmark. A positive number indicates an active decision by the investment manager to own more of (i.e. be overweight) a particular stock, sector or country versus the benchmark and a negative number indicates a decision to hold less of (i.e. be underweight) a particular stock, sector or country versus the benchmark. Performance attribution definitions: Stock selection Measures the effect of investing in securities to a greater or lesser extent than their weighting in the benchmark, or of investing in securities which are not included in the benchmark. Currency effect Measures the impact of currency exposure differences between the company s portfolio and its benchmark. Gearing/cash Measures the impact on returns of borrowings or cash balances on the Company s relative performance. Management fees/other expenses The payment of fees and expenses reduces the level of total assets and therefore has a negative effect on relative performance. Conversion of Subscription shares The conversion of Subscription shares into Ordinary shares has a dilutive effect on the undiluted net asset value per Ordinary share. Subscription share dilution effect Measures the dilutive effect of the potential conversion of all outstanding Subscription shares at the year end. JPMorgan Asian Investment Trust plc. Half Year Report & Accounts 2010 17

Notes This page has been left intentionally blank 18 JPMorgan Asian Investment Trust plc. Half Year Report & Accounts 2010

Notes This page has been left intentionally blank JPMorgan Asian Investment Trust plc. Half Year Report & Accounts 2010 19

Notes This page has been left intentionally blank 20 JPMorgan Asian Investment Trust plc. Half Year Report & Accounts 2010

Information about the Company Financial Calendar Financial year end Final results announced Half year end Half year results announced Interim Management Statement announced Dividend on Ordinary shares paid (if any) Annual General Meeting 30th September November 31st March May February and July February January/February History The Company was launched in September 1997 as a rollover vehicle for shareholders in The Fleming Far Eastern Investment Trust plc. The Company adopted its present name following approval from shareholders at the Annual General Meeting in February 2006. Directors James M Long TD (Chairman) Alun Evans CMG Ronald Gould James Strachan Andrew Sykes Company Numbers Company registration number: 3374850 Ordinary Shares London Stock Exchange Sedol number: 0132077 ISIN: GB0001320778 Bloomberg ticker: JAI LN Subscription Shares London Stock Exchange Sedol number: B3KHYY3 ISIN: GB00B3KHYY38 Bloomberg ticker: JAIS LN Market Information The Company s Ordinary and Subscription shares are listed on the London Stock Exchange. The market price of the Ordinary shares is shown daily in the Financial Times, The Times, The Daily Telegraph, The Scotsman and The Independent. The market price of the Subscription shares is listed in the Financial Times. The Share price of both the Ordinary and Subscription shares are on the JPMorgan internet site at www.jpmasian.co.uk where the prices are updated every fifteen minutes during trading hours. Website www.jpmasian.co.uk Share Transactions The Company s shares may be dealt in directly through a stockbroker or professional adviser acting on an investor s behalf. They may also be purchased and held through the J.P. Morgan Investment Account, J.P. Morgan ISA and J.P. Morgan SIPP. These products are all available on the online wealth manager service, J.P. Morgan WealthManager+ available at www.jpmorganwealthmanagerplus.co.uk Manager JPMorgan Asset Management (UK) Limited. Company s Registered Office Finsbury Dials 20 Finsbury Street London EC2Y 9AQ Telephone number: 020 7742 6000 For company secretarial and administrative matters, please contact Alison Vincent. Registrars Equiniti Reference 1357 Aspect House Spencer Road Lancing West Sussex BN99 6DA Telephone: 0871 384 2373 Notifications of changes of address and enquiries regarding share certificates or dividend cheques should be made in writing to the Registrar quoting reference 1357. Registered shareholders can obtain further details on individual holdings on the internet by visiting www.shareview.co.uk. Auditors PricewaterhouseCoopers LLP Hay s Galleria 1 Hay s Lane London SE1 2RD Brokers Cenkos Securities plc 6, 7, 8 Tokenhouse Yard London EC2R 7AS Savings Product Administrators For queries on the J.P. Morgan Investment Account, J.P. Morgan ISA and J.P. Morgan SIPP, see contact details on the back cover of this report. A member of the AIC JPMorgan Asian Investment Trust plc. Half Year Report & Accounts 2010 21

JPMorgan Helpline Freephone 0800 40 30 30 or +44 (0)20 7742 9995 Your telephone call may be recorded for your security www.jpmasian.co.uk