Transaction in Own Shares

JPMorgan Fleming Mercantile IT PLC
17 October 2006


                          STOCK EXCHANGE ANNOUNCEMENT

                JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST PLC

                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION


JPMorgan Fleming Mercantile Investment Trust plc announces that today in the
market they purchased for cancellation 90,000 ordinary shares at 1,124.68 pence
per share representing 0.07% of the ordinary shares in issue.

The current repurchase authority for 19,231,222 shares was approved by
shareholders on 24th May 2006.  To date 2,444,500 shares have been repurchased
under this authority.

The remaining shares in issue following this repurchase total 125,849,176.


17th October 2006


For further information, please contact:

Lucy Dina
JPMorgan Asset Management (UK) Limited, 020 7742 6000

Gavin Tooke
Dresdner Kleinwort Wasserstein, 0207 623 8000



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