Transaction in Own Shares

JPMorgan Fleming Claverhouse IT PLC
20 May 2004





                          STOCK EXCHANGE ANNOUNCEMENT

               JPMORGAN FLEMING CLAVERHOUSE INVESTMENT TRUST PLC

                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION


JPMorgan Fleming Claverhouse Investment Trust plc announces that on Wednesday
19th May 2004 in the market they purchased for cancellation 30,000 ordinary
shares at 334 pence per share representing 0.04% of the ordinary shares in
issue.


The current repurchase authority for 11,000,330 shares was approved by
shareholders on 29th April 2004.  To date 326,000 shares have been repurchased
under this authority.


The remaining shares in issue following this repurchase total 73,058,458.


20th May 2004


For further information, please contact:


Jonathan Latter
J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 6000



Tom Harris
Cazenove Global Equities- Stockbrokers to the Company
0207 155 8122






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