Transaction in Own Shares

JPMorgan Fleming Claverhouse IT PLC
18 December 2003



                          STOCK EXCHANGE ANNOUNCEMENT


               JPMORGAN FLEMING CLAVERHOUSE INVESTMENT TRUST PLC

                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION

JPMorgan Fleming Claverhouse Investment Trust plc announces that on the 17th
December 2003 in the market they purchased for cancellation 75,000 ordinary
shares at 327p per share representing 0.1% of the ordinary shares in issue.

The current repurchase authority for 11,330,784 shares was approved by
shareholders on 25th April 2003.  To date 1,294,500 shares have been repurchased
under this authority.

The remaining shares in issue following this repurchase total 74,294,458.

18th December 2003

For further information, please contact:

Jonathan Latter

J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 3408




Tom Harris

Cazenove Global Equities- Stockbrokers to the Company

0207 155 8122








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