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JPMorgan Flem. Elect (JPE)

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Monday 22 November, 2004

JPMorgan Flem. Elect

Sale of Shares

JPMorgan Fleming Elect PLC
22 November 2004


                           JPMORGAN FLEMING ELECT PLC

                                 SALE OF SHARES

JPMorgan Fleming Elect plc announces that it has sold 3,500,000 million shares
in JPMorgan Fleming Claverhouse Investment Trust plc ('JPMFCIT') from its
Managed Growth portfolio ('Managed Growth').  The proceeds will be deployed in
line with Managed Growth's investment policy, which is to invest in a range of
closed and open- ended funds, managed principally by JPMorgan Fleming.

The sale reflects a desire to reduce the proportion of portfolio that is
invested in a single investment trust.

Managed Growth has been and continues to be satisfied with the strategy and
performance of JPMFCIT and the balance of the investment in JPMFCIT remains an
important part of Managed Growth's portfolio. It would envisage maintaining its
current holding in JPMFCIT for the foreseeable future.

22nd November 2004

For further information, please contact:

Jonathan Latter
J.P. Morgan Fleming Asset Management (UK) Limited - Secretary
Telephone 0207 742 6000

                      This information is provided by RNS
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