Transaction in Own Shares

JPMorgan Fleming Mercantile IT PLC
10 May 2007



                          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 2,150,000 ordinary shares at 1378.09
pence per share representing 1.83% 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 13,238,032 shares have been repurchased
under this authority.

The remaining shares in issue following this repurchase total 115,055,644.


10th May 2007


For further information, please contact:

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

Angus Wilton
Cazenove, 020 71558122




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