Transaction in Own Shares

JPMorgan Fleming Eur Fldglng IT PLC
22 May 2006

                          STOCK EXCHANGE ANNOUNCEMENT


           JPMORGAN FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC


                           PURCHASE OF OWN SECURITIES


JPMorgan Fleming European Fledgeling Investment Trust plc announces that on
Monday 22nd May 2006 it purchased in the market, to hold in treasury, 275,000
ordinary shares at 572.8991 pence per share.



Following this repurchase the Company now holds a total of 871,000 shares in
treasury at an average size-weighted discount of 11.18%.



The number of shares in issue less the total number of treasury shares is
51,910,517.



22nd May 2006


For further information, please contact:



Hilary Lowe

JPMorgan Asset Management (UK) Limited,

020 7742 6000








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