Transaction in Own Shares

JPMorgan Fleming Claverhouse IT PLC
02 August 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 Friday 30th
July 2004 in the market they purchased for cancellation 40,000 ordinary shares
at 333.5 pence per share representing 0.06% 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 988,500 shares have been repurchased
under this authority.



The remaining shares in issue following this repurchase total 72,395,958.


2nd August 2004


For further information, please contact:

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

Shamus Henderson
Cazenove Global Equities- Stockbrokers to the Company
0207 155 8122





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