Net Asset Value(s)

JPMorgan Fleming American IT PLC
12 October 2005

IN ACCORDANCE WITH THE RECOMMENDATIONS OF THE AITC, WITH EFFECT FROM 1ST JULY
2004 JPMORGAN ASSET MANAGEMENT IS ANNOUNCING THE NET ASSET VALUES OF THE
INVESTMENT TRUSTS IT MANAGES BOTH WITH DEBT AT PAR VALUE, AND WITH DEBT AT FAIR
VALUE (IF APPLICABLE).



THE DEBT AT FAIR VALUE HAS BEEN CALCULATED AS FOLLOWS: DEBENTURES HAVE BEEN
REVALUED USING AN ESTIMATED FAIR MARKET SPREAD OVER THE RELEVANT GILT; INTEREST
RATE SWAPS AND FIXED RATE LOANS HAVE BEEN REVALUED USING MARK TO MARKET
ESTIMATES PROVIDED BY A COUNTERPARTY OR OTHER RELEVANT SOURCE.



THE NET ASSET VALUE IN PENCE AT PAR AS AT MARKET CLOSE ON 11TH OCTOBER WAS AS
FOLLOWS:


JPMORGAN FLEMING AMERICAN INVESTMENT TRUST PLC:                        659.76

THE NET ASSET VALUE IN PENCE WITH DEBT VALUED AT FAIR VALUE AS AT MARKET CLOSE
ON 11TH OCTOBER 2005, WAS AS FOLLOWS:


JPMORGAN FLEMING AMERICAN INVESTMENT TRUST PLC:                        640.75





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