Transaction in Own Shares

JPMorgan Fleming Claverhouse IT PLC
31 December 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
30th December 2004 in the market they purchased for cancellation 37,500 ordinary
shares at 377.4 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 6,021,700 shares have been repurchased
under this authority.

The remaining shares in issue following this repurchase total 67,362,758.

31st December 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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