Transaction in Own Shares

JPMorgan Fleming Mercantile IT PLC
02 March 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 100,000 ordinary shares at 1219.6 pence
per share representing 0.08% 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 4,096,599 shares have been repurchased
under this authority.

The remaining shares in issue following this repurchase total 124,197,077.

2nd March 2007

For further information, please contact:

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

Shamus Henderson
Casenove




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