Transaction in Own Shares

JPMorgan Fleming Eur Fldglng IT PLC
09 August 2004





                          STOCK EXCHANGE ANNOUNCEMENT


           JPMORGAN FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC


                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION


JPMorgan Fleming European Fledgeling Investment Trust plc announces that, on 6th
August 2004, in the market they purchased for cancellation 400,000 ordinary
shares at 246.73p per share representing 0.7% of the ordinary shares in issue.



The number of shares repurchased under the current authority now totals
3,625,000.



The remaining shares in issue following this repurchase total 54,116,517.




9th August 2004



For further information, please contact:

Jonathan Latter  (Company Secretary)

J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 3408




Charlie Ricketts - 020 7568 4781

UBS Investment Bank (Stockbrokers to the Company)





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