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Fleming Man. Growth (JPE)

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Thursday 17 April, 2003

Fleming Man. Growth

Sale of Securities

JPMorgan Fleming Managed Growth PLC
17 April 2003

                          STOCK EXCHANGE ANNOUNCEMENT



                      JPMORGAN FLEMING MANAGED GROWTH PLC



    PARTIAL SALE OF HOLDING IN THE FLEMING CLAVERHOUSE INVESTMENT TRUST PLC





JPMorgan Fleming Managed Growth plc ('JPMFMG') was launched as an investment
trust to provide a convenient way for investors to invest in a professionally
selected portfolio of different JPMorgan Fleming managed investment trusts. This
remains the Company's objective. JPMFMG has sold approximately half of its
holding in The Fleming Claverhouse Investment Trust plc ('FCIT') and the
remaining holding in FCIT remains core to the investment strategy. JPMFMG has no
current intention of making further reductions in its holding. JPMFMG has always
had the flexibility, in certain situations, to use other open-ended funds
managed by JPMorgan Fleming. Proceeds from the part sale of FCIT will be
re-invested principally in open-ended equity funds managed by JPMorgan Fleming
in order to reduce the dependence on a single investment and provide
diversification across a range of portfolio management styles.







17th April 2003



For further information, please contact:





Jonathan Latter

J.P. Morgan Fleming Asset Management (UK) Limited

020 7742 3408




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