To:  London Stock Exchange          For immediate
                                    release:
                                    19 August 2003


MARTIN CURRIE JAPAN INVESTMENT TRUST plc
Investment management fee

Following a review by the directors of the costs associated with running
the company, the Board and the company's managers, Martin Currie, have
agreed a change in the investment management fee arrangements.

With effect from 1 June 2003, the basic management fee, which will now
incorporate the secretarial fee, previously charged separately, will
reduce to 0.8% per annum on net assets up to �50m, and 0.7% thereafter.
This compares with the previous management fee arrangement of 1.0% per
annum levied on gross assets. The basic management fee will be payable
quarterly, as before. In addition, the managers will be subject to a
performance fee, whereby they can earn 15% of any outperformance
achieved by the company's net asset value per shares over the benchmark
index (the TSE 1st Section index) up to a maximum of 0.7% of the year
end net asset value. On the other hand, the managers will have to repay
to the company 15% of any underperformance suffered, with a floor on the
overall management fee of 0.5% per annum. Performance will be assessed
by reference to the company's financial year end, and any required
adjustment to the fees will be made at that point.
- ends -

For further information, please contact:

Mike Woodward       0131 229 5252
Martin Currie Investment Management Ltd
mwoodward@martincurrie.com