Transaction in Own Shares

JPMorgan Fleming Mercantile IT PLC
27 February 2007




                          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 213,928 ordinary shares at 1258.114 pence
per share representing 0.17% 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 3,856,267 shares have been repurchased
under this authority.



The remaining shares in issue following this repurchase total 124,437,409.




27th February 2007



For further information, please contact:


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


Shamus Henderson
Casenove








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