Transaction in Own Shares

JPMorgan Fleming Mercantile IT PLC
02 June 2006




                          STOCK EXCHANGE ANNOUNCEMENT

                JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST PLC

                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION


JPMorgan Fleming Mercantile Investment Trust plc announces that yesterday in the
market they purchased for cancellation 115,000 ordinary shares at 970.0 pence
per share representing 0.09% of the ordinary shares in issue.

The current repurchase authority for 19,231,222 shares was approved by
shareholders on 24th May 2006.  To date 412,500 shares have been repurchased
under this authority.

The remaining shares in issue following this repurchase total 127,881,176.


2nd June 2006


For further information, please contact:


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



Gavin Tooke
Dresdner Kleinwort Wasserstein, 0207 623 8000




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