Transaction in Own Shares

JPMorgan Fleming Claverhouse IT PLC
11 November 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
10th November 2004 in the market they purchased for cancellation 25,000 ordinary
shares at 357 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 2,277,200 shares have been repurchased
under this authority.


The remaining shares in issue following this repurchase total 71,107,258.


11th November 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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