Purchase of Own Securities

JPMorgan Fleming Eur Fldglng IT PLC
23 December 2002



                          STOCK EXCHANGE ANNOUNCEMENT


           JPMORGAN FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC


                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION



JPMorgan Fleming European Fledgeling Investment Trust plc announces that today
in the market they purchased for cancellation 200,000 ordinary shares at 157p
per share representing 0.35% of the ordinary shares in issue.

The number of shares repurchased under the current authority now totals
1,250,000.

The remaining shares in issue following this repurchase total 56,491,517.


23rd December 2002


For further information, please contact:

Jonathan Latter  (Company Secretary)
JP Morgan Fleming Asset Management (UK) Limited, 020 7742 3408

Nick Corke
Credit Lyonnais Securities Europe (UK) -
Stockbrokers to the Company, 020 7214 5576



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