Transaction in Own Shares

JPMorgan Fleming American IT PLC
31 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 Tuesday 30th
December 2003 in the market it purchased for cancellation the following:


100,000 ordinary shares at 537p per share representing a total of 0.19% of the
ordinary shares in issue;


The number of shares repurchased under the current authority now totals
3,558,836.


The remaining shares in issue, following the above repurchases, is 53,521,302.


31st December 2003

For further information, please contact:


Jonathan Latter
For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited - Secretary
020 7742 6000



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





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