Transaction in Own Shares

JPMorgan Fleming Mercantile IT PLC
20 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 30,944 ordinary shares at 1134 pence per
share representing 0.02 % 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 2,485,328 shares have been repurchased
under this authority.



The remaining shares in issue following this repurchase total 125,808,348.




20th October 2006





For further information, please contact:


Jonathan Latter
JPMorgan Asset Management (UK) Limited, 020 7742 6000



Gavin Tooke
Dresdner Kleinwort Wasserstein, 0207 623 8000








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