Transaction in Own Shares

JPMorgan Fleming Mercantile IT PLC
23 May 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 18,619 ordinary shares at 1399.43 pence
per share representing 0.02% of the ordinary shares in issue.

The current repurchase authority for 16,908,105 shares was approved by
shareholders on 16th May 2007.  To date 142,890 shares have been repurchased
under this authority.

The remaining shares in issue following this repurchase total 112,653,013.


23rd May 2007


For further information, please contact:

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

Shamus Henderson
Cazenove, 020 71558122




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