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JPMorgan Flem.Claver (JCH)

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Friday 23 July, 2004

JPMorgan Flem.Claver

Debenture Stock 2008

JPMorgan Fleming Claverhouse IT PLC
23 July 2004

23 July, 2004

                 £15,000,000 11 per cent. debenture stock 2008
                           Proposal for early repayment

The company has today given notice to stockholders convening a meeting on 16
August 2004.  The meeting is to consider an extraordinary resolution to grant
the company the option to redeem the stock early.

The redemption price would be at the higher of par and the price at which the
yield on the stock is equal to the yield on the 5% Treasury Stock 2008 plus 0.30
per cent., together with accrued interest.

Full details are contained in a circular that the company will today post to

Save in exceptional circumstances, the company intends to exercise this option
promptly, and it is expected that the redemption price will be set by reference
to the gilt yield on 17 August 2004 and cheques will be posted on 19 August

The company has discussed this proposal with the holders of about 98% of the
outstanding stock, who have undertaken that they will vote in favour of it.

The company is taking this action because it wishes to reduce the amount of its
debt which cannot be repaid flexibly and redrawn at its discretion, and has
concluded that the most appropriate way to do so would be to redeem the stock

Further information:

JPMorgan Fleming Claverhouse Investment Trust plc:
   Robert Peel, 020 7742 3422

   Francis Burkitt, 020 7155 8855

This announcement has been approved for the purposes of section 21 of the
Financial Services and Markets Act 2000 by Cazenove & Co. Ltd, which is
regulated by the Financial Services Authority.

                      This information is provided by RNS
            The company news service from the London Stock Exchange