Transaction in Own Shares

JPMorgan Fleming American IT PLC
24 December 2003





                          STOCK EXCHANGE ANNOUNCEMENT



                 JPMORGAN FLEMING AMERICAN INVESTMENT TRUST PLC



                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION



JPMorgan Fleming American Investment Trust plc announces that on Monday 22nd
December 2003 in the market it purchased for cancellation the following:


25,000 ordinary shares at 530p per share representing a total of 0.05% of the
ordinary shares in issue;


The number of shares repurchased under the current authority now totals
3,458,836.


The remaining shares in issue, following the above repurchases, is 53,621,302.




24th December 2003



For further information, please contact:



Hilary Lowe
For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited - Secretary
020 7742 3274



Shamus Henderson
Cazenove & Co - Stockbrokers to the Company
020 7155 8007








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