Purchase of Own Securities

JPMorgan Fleming American IT PLC
16 December 2002



                          STOCK EXCHANGE ANNOUNCEMENT

                 JPMORGAN FLEMING AMERICAN INVESTMENT TRUST PLC

                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION

JPMorgan Fleming American Investment Trust plc announces that on Friday 13th
December in the market it purchased for cancellation 70,000 ordinary shares at
480p per share representing a total of 0.12% of the ordinary shares in issue.

The current repurchase authority for 9,139,960 shares was approved by
shareholders on 25 April 2002.  To date 2,181,000 shares have been repurchased
under this authority.

The remaining shares in issue following this repurchase is 58,988,663.


16 December 2002

For further information, please contact:

Fraser Easton
For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited
020 7742 3425

Peter Sheen
Cazenove & Co - Stockbrokers to the Company
020 7214 7507


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