Transaction in Own Shares

JPMorgan Fleming Mercantile IT PLC
16 June 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 295,000 ordinary shares at 958.64 pence
per share representing 0.23 % 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 1,978,500 shares have been repurchased
under this authority.

The remaining shares in issue following this repurchase total 126,315,176.


16th June 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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