Transaction in Own Shares

JPMorgan Fleming Mercantile IT PLC
15 December 2005


                          STOCK EXCHANGE ANNOUNCEMENT

                JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST PLC

                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION

JPMorgan Fleming Mercantile Investment Trust plc announces that today in the
market they purchased for cancellation 400,000 ordinary shares at 854 pence per
share representing 0.3% of the ordinary shares in issue.

The current repurchase authority for 20,296,481 shares was approved by
shareholders on 19th May 2005.  To date 400,000 shares have been repurchased
under this authority.

The remaining shares in issue following this repurchase total 135,000,142.


15th December 2005


For further information, please contact:

Jonathan Latter
JPMorgan Asset Management (UK) Limited, 020 7742 6000

Gavin Tooke
Dresdner Kleinwort Wasserstein - Stockbrokers to the Company
0207 623 8000


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