Final Results

JPMorgan Fleming American IT PLC
27 February 2003


                 JPMorgan Fleming American Investment Trust plc

                          Stock Exchange Announcement

27th February 2003



The Board of the Company today announces the preliminary results of the Company
for the year ended 31st December 2002 as follows.



Investment Performance

In 2002 your Company bore the full brunt of the equity bear market and suffered
a net asset value per share decline of 36.2% which compares with a 30.7% decline
in the benchmark index, the S&P 500 Composite Index expressed in sterling terms.
The share price fell by 42.5% as the discount widened to 7.4% by the end of
the year. In my review of the Interim Results I pointed out that by the end of
July the U.S. equity market had reached a level last seen in 1997 and that
stocks were looking particularly attractive on a valuation basis relative to
bonds. For the balance of the year the market action was highly volatile, marked
by strong rallies in August and November, while returning to its lowest levels
in early October. Continuing poor corporate earnings performance was the
principal factor preventing the market from enjoying a sustained rally. In
addition the likelihood of military action in Iraq did not help.  The final five
months of the year saw a modest decline for equities of 2.9% as measured by the
S&P 500 Composite Index expressed in US$ terms.



The net asset value decline was exacerbated by three additional factors, the
Company's gearing, the decline of the U.S. dollar by 10.6% and the performance
of the smaller companies portfolio. The net asset value performance against the
benchmark index was a negative 5.5 percentage points. By far the largest
contributor to the underperformance was the gearing, which made up for two
thirds of the deficit. Going into 2002 the investment managers were not
anticipating a further market decline of such magnitude and decided to maintain
the existing level of gearing as a means of enhancing long-term appreciation.
The remainder of the underperformance came from a disappointing year for the
smaller companies' portfolio. Over the past years the allocation to this segment
of the market has exhibited volatile return patterns, but on balance has neither
added nor detracted value. In 2002 the investment managers introduced a new
policy for the management of the allocation to smaller companies using a
formulaic approach to relative valuation. Over time this will probably lead to a
lower allocation, although any such reduction will be made after a recovery in
small growth company valuations.



The performance of the Company in 2002 can only be described as disappointing,
and steps have been taken to manage the asset allocation on a more active basis.



Gearing



The investment managers have access to two gearing facilities, a £50m debenture
and a US$40m fixed loan. The latter of these is due to be repaid in June 2003
and it is the Board intention not to replace this with another loan. The effect
of this repayment would, if it had happened at the year-end, reduce the
potential gearing from 125% to 117%. The actual gearing ratio at the year-end
was 118%. The repayment of the loan will therefore be mainly from available cash
balances.



The Board sets guidelines on the extent that gearing can be used (ie the actual
gearing ratio) and these currently restrict such use to 20% of shareholders
funds.




Investment Policy and Investment Manager

The Company's philosophy has not changed over the year and remains to invest in
a diversified portfolio of high quality US companies whose intrinsic value per
share is expected to grow over time. While portfolio turnover is designed to be
low, the inherent volatility of individual stocks allows the investment manager
to take advantage of valuation disparities in both purchase and sale decisions.
The Company invests in US companies of all sizes, believing that smaller
companies periodically offer higher growth at lower valuations than blue chip
stocks. The expectation that equities will outperform the Company's cost of
borrowing over time is the main factor behind the chosen level of long-term
gearing.



Following consultation with the Board, the manager of the Company's assets,
JPMorgan Fleming Asset Management (UK) Limited, has appointed Garrett Fish as
the individual responsible for investment management on behalf of the Company.
To assist Garrett, Tim Parton will continue to manage the smaller companies
portfolio.



Revenue Account and Dividends

This year the Company recorded earnings per share of 4.75p (2001:5.30p). As the
policy is to distribute substantially all the available income the Board is
proposing that a dividend of 4.80 pence per share (2001: 5.20p) be paid on 2nd
May 2003 to shareholders on the register on 4th April 2003.



Share Issues and Repurchases

At the beginning of the year the Company's shares were trading at a premium to
the net asset value and this enabled 195,945 shares to be issued. The average
premium of these issues was 2.3% and the proceeds were £1.6m.



From the 2nd quarter of the year onwards the shares returned to trading at a
discount to the net asset value and this enabled 2,426,000 ordinary shares to be
repurchased for cancellation. The average discount of these repurchases was 8.6%
and the cost £11.9m.



The resulting effect of these issues and repurchases was to enhance the net
asset value by £1.1m, or 0.4% of the net asset value.



Since the year end a further 277,500 shares have been purchased and cancelled.



Directors



I have decided to step down as a Director of the Company, and hence as Chairman,
having been on the Board for nearly 20 years, including 5 years as Chairman. I
will remain on the Board until the conclusion of this year's Annual General
Meeting. Hamish Buchan has agreed to accept the appointment as Chairman from
that date and I wish him, the other Directors and the Company every success for
the future.






Outlook

A year ago I wrote that a more buoyant stock market would require a recovery in
corporate profits. Unfortunately this did not materialise in 2002, although the
consensus view is that the new year will see gradual improvement. Expectations
are subdued because of a lack of pricing power in most sectors of the economy,
along with the relatively new headwinds of higher pension costs and the
expensing of stock option grants for the first time.  Meanwhile, inflation and
interest rates are at very low levels and the stock market remains undervalued
relative to high quality bonds. Overshadowing these factors is the probability
of war. The element of uncertainty regarding Iraq and other geopolitical events
argues for a higher than average equity risk premium, but the current level
seems excessive.  There is therefore a reasonable probability that a resolution
of the conflict will yield a better environment for both the dollar and the
stock market.



Nicholas Cosh

Chairman






JPMorgan Fleming American  Investment Trust plc
Unaudited figures for the year ended 31 December 2002

Statement of Total Return (Unaudited)

                                                  Year ended 31 December 2002         Year ended 31 December 2001
                                                    Revenue     Capital       Total   Revenue    Capital       Total
                                                      £'000       £'000       £'000     £'000      £'000       £'000

Realised losses on investments                            -    (24,716)    (24,716)         -   (13,119)    (13,119)
Net change in unrealised appreciation                     -   (145,146)   (145,146)         -   (36,112)    (36,112)
Currency (losses)/gains on cash and short-term
                                                          -                                 -
deposits held during the year                                   (2,382)     (2,382)                  938         938
Change in unrealised currency loss on US dollar                   2,638       2,638                (707)       (707)
loan                                                    -                                 -
Change in unrealised gain in forward foreign              -         292         292         -    (1,631)     (1,631)
currency transactions
Other capital charges                                     -         (4)         (4)         -        (7)         (7)
Income from Investment                                6,042           -       6,042     5,839          -       5,839
Other Income                                            439           -         439     1,376          -       1,376
                                                    _______    ________     _______   _______   ________     _______

Gross return                                          6,481   (169,318)   (162,837)     7,215   (50,638)    (43,423)
Management fee                                        (449)     (1,795)     (2,244)     (549)    (2,192)     (2,741)
Other administrative expenses                         (448)           -       (448)     (408)          -       (408)
Interest payable                                    (1,040)     (4,159)     (5,199)   (1,072)    (4,289)     (5,361)
                                                    _______     _______     _______   _______    _______     _______

Return before taxation                                4,544   (175,272)   (170,728)     5,186   (57,119)    (51,933)
Taxation                                            (1,672)         834       (838)   (1,987)      1,141       (846)
                                                    _______     _______     _______   _______    _______     _______

Total return attributable to ordinary                 2,872   (174,438)   (171,566)     3,199   (55,978)    (52,779)
shareholders

Dividends on ordinary shares                        (2,830)           -     (2,830)   (3,171)          -     (3,171)
                                                     ______     _______     _______    ______    _______     _______

Transfer to/(from) reserves                              42   (174,438)   (174,396)        28   (55,978)  (55,950)
                                                      =====       =====       =====     =====      =====       =====

Return per ordinary share                             4.75p   (288.29)p   (283.54)p     5.30p   (92.80)p    (87.50)p
Dividend per ordinary share                           4.80p                             5.20p







JPMorgan Fleming American Investment Trust plc
Unaudited figures for the year ended 31 December 2002


BALANCE SHEET                                                                 31 December      31 December
                                                                                     2002             2001
                                                                                    £'000            £'000

Investments at valuation                                                          363,620          528,132


Net current (liabilities)/assets                                                 (18,976)           28,652

Creditors: Amounts falling due after more than one year                          (49,551)         (77,006)

                                                                                  _______          _______
Total net assets                                                                  295,093          479,778
                                                                                    =====            =====
Net asset value per ordinary share                                                 502.3p           786.9p

CASH FLOW STATEMENT
                                                                                     2002             2001
                                                                                    £'000            £'000

Net cash inflow from operating activities                                           3,113            3,098

Net cash outflow from returns on investments and servicing of
finance
                                                                                  (5,523)          (4,975)

Total tax recovered                                                                     -              178

Net cash outflow from capital expenditure and financial investment                (3,907)         (10,289)

Total equity dividends paid on ordinary shares                                    (3,181)          (3,423)

Net cash (outflow)/inflow from financing                                         (10,289)            7,254
                                                                                  _______           ______
Decrease in cash for the year                                                    (19,787)          (8,157)
                                                                                    =====             ====





The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the year ended 31st December
2001. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.


J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED

27th February 2003


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