Transaction in Own Shares

JPMorgan Fleming Eur Fldglng IT PLC
20 August 2004





                          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, on
19th August 2004, in the market they purchased for cancellation 550,000 ordinary
shares at 244.5p per share representing 1.02% of the ordinary shares in issue.

The number of shares repurchased under the current authority now totals 950,000.

The remaining shares in issue following this repurchase total 53,566,517.



20th August 2004



For further information, please contact:



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


Chris Agar - 020 7377 1453
UBS Investment Bank (Stockbrokers to the Company)





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