Interim Results

JPMorgan American IT PLC
09 August 2006

                          STOCK EXCHANGE ANNOUNCEMENT

                     JPMORGAN AMERICAN INVESTMENT TRUST PLC


Results for the six months ended 30th June 2006


Performance

Over the half year to 30th June 2006, the Company's net asset value fell by 2.8%
in total return terms, outperforming the total return of the S&P 500 Index which
fell by 4.9%. The Dollar began the period at a rate of 1.72 to the pound and
ended at 1.85, weakening by 7.2%. In response to the falling markets, the
Managers moved to reduce the Company's gearing and reallocated cash from the
small companies portfolio to the large. Both of these moves added to
performance.


Change of Name

At the Annual General Meeting held on 3rd May 2006, shareholders approved the
change of the Company's name from JPMorgan Fleming American Investment Trust plc
to JPMorgan American Investment Trust plc.


Discount Management

As at 30th June 2006, the Company's discount, calculated with liabilities valued
at their fair value and excluding current year income, was 5.5% having narrowed
from 7.3% at the start of the period. During the first six months of the year
the Company repurchased 200,000 ordinary shares (0.5% of the shares in issue) at
a discount of 9.2%. The cost of this repurchase was £1.3m. The level of buybacks
has remained low despite the more challenging recent investment environment.


Outlook

After registering its strongest first quarter since 1999, the US equity market's
retreat in the second quarter signalled an end to a prolonged period of benign
conditions and low volatility. The Federal Reserve Board's determination to
dampen inflationary pressures saw interest rates rise by a further 1.0%,
contributing to the cooling housing market. However, continued underlying growth
in corporate profits should balance the constraints being placed on the American
consumer and the prospects are for mildly positive, if volatile, progress in the
second half.


Hamish Buchan

Chairman

9th August 2006


For further information, please contact:
Andrew Norman
For and on behalf of
JPMorgan Asset Management (UK) Limited - Secretary
020 7742 6000



JPMorgan American Investment Trust plc
Unaudited figures for the six months ended 30th June 2006


Income Statement

                      (Unaudited)                  (Unaudited)                    (Audited)
               Six months ended 30th June     Six months ended 30th June   Year ended 31st December
                         2006                           2005                         2005
               Revenue  Capital       Total   Revenue  Capital     Total   Revenue  Capital     Total
               Return   Return     Return     Return   Return    Return    Return   Return    Return
                £'000      £'000      £'000    £'000     £'000     £'000    £'000     £'000     £'000
(Losses)/gains
from
investments
held at fair
value through
profit or loss      -    (11,924)   (11,924)       -    15,028    15,028        -    43,579    43,579
Income from
investments     2,613          -      2,613    2,384         -     2,384    5,176         -     5,176
Other interest
receivable and
similar income    747          -        747      291         -       291      583         -       583
               _______  _______    _______    _______  _______   _______   _______  _______   _______
Gross revenue
and capital
(losses)/gains  3,360    (11,924)    (8,564)   2,675    15,028    17,703    5,759    43,579    49,338
Management fee   (161)      (645)      (806)    (160)     (641)     (801)    (329)   (1,313)   (1,642)
Other
administrative
expenses         (239)         -       (239)    (232)        -      (232)    (508)        -      (508)
               _______  _______    _______    _______  _______   _______   _______  _______   _______
Net
return/(loss)
before finance
costs and
taxation        2,960    (12,569)    (9,609)   2,283    14,387    16,670    4,922    42,266    47,188
Finance costs    (352)    (1,408)    (1,760)    (353)   (1,411)   (1,764)    (703)   (2,811)   (3,514)
               _______  _______    _______    _______  _______   _______   _______  _______   _______
Net
return/(loss)
before
taxation        2,608    (13,977)   (11,369)   1,930    12,976    14,906    4,219    39,455    43,674
Taxation         (383)         -       (383)    (347)        -      (347)    (747)        -      (747)
               ______   _______    _______    ______   _______   _______   _______  _______   _______
Net
return/(loss)
after taxation  2,225    (13,977)   (11,752)   1,583    12,976    14,559    3,472    39,455    42,927
               ______   _______    _______    ______   _______   _______   _______  _______   _______
Return/(loss)
per share        5.13p    (32.25)p   (27.12)p   3.48p    28.56p    32.04p    7.78p    88.44p    96.22p



Dividends paid in respect of the financial year ended 31st December 2005
totalled 8.00p per share(2004:7.50p per share) costing £3,462,000 (2004:
£3,396,000).



JPMorgan American Investment Trust plc
Unaudited figures for the six months ended 30th June 2006

                                       (Unaudited)    (Unaudited)    (Audited)
BALANCE SHEET                            30th June      30th June         31st
                                                                      December
                                              2006           2005         2005
                                             £'000          £'000        £'000
Assets
Investments at fair value through
profit or loss                             300,965        314,355      336,351

Net current assets                          41,202         20,816       22,311
                                           _______        _______      _______
Total assets less current liabilities      342,167        335,171      358,662

Creditors : amounts falling due after
more than one year                         (49,651)       (49,622)     (49,637)
                                           _______        _______      _______
Total net assets                           292,516        285,549      309,025
                                             =====          =====        =====
Net asset value per share                    675.9p         644.5p       710.7p

                                       (Unaudited)    (Unaudited)    (Audited)
CASH FLOW STATEMENT                      30th June      30th June         31st
                                                                      December
                                              2006           2005         2005
                                             £'000          £'000        £'000

Net cash inflow from operating
activities                                   2,009          1,326        2,735

Net cash outflow from servicing of
finance                                     (1,741)        (1,742)      (3,477)

Taxation recovered                               -              -            5

Net cash inflow from capital
expenditure and financial investment:
Purchases of investments                   (69,440)       (31,649)    (128,833)
Sales of investments                        93,128         59,223      162,893
Other capital charges                           (5)            (3)         (13)
                                           _______        _______       ______
Net cash inflow from capital
expenditure and financial investment        23,683         27,571       34,047

Equity dividends paid                       (3,462)        (3,400)      (3,396)

Net cash outflow from financing             (1,295)       (15,810)     (20,706)
                                           _______        _______       ______
Increase in cash for the period             19,194          7,945        9,208
                                             =====           ====         ====



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
2005. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.


JPMORGAN ASSET MANAGEMENT (UK) LIMITED



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