Transaction in Own Shares

JPMorgan Fleming Mercantile IT PLC
31 May 2007



                       LONDON STOCK EXCHANGE ANNOUNCEMENT

                JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST PLC

                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION


JPMorgan Fleming Mercantile Investment Trust plc has today purchased 35,000
ordinary shares for cancellation at 1373.0 pence per share.

Following the transaction the remaining shares in issue total 112,445,207.


31st May 2007


For further information, please contact:

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

Shamus Henderson
Cazenove, 020 71558122




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