Transaction in Own Shares

JPMorgan Fleming Claverhouse IT PLC
17 September 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 Thursday
16th September 2004 in the market they purchased for cancellation 27,500
ordinary shares at 345 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 1,478,200 shares have been repurchased
under this authority.

The remaining shares in issue following this repurchase total 71,906,2758.


17th September 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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