Transaction in Own Shares

JPMorgan Fleming American IT PLC
16 April 2004


                          STOCK EXCHANGE ANNOUNCEMENT


                 JPMORGAN FLEMING AMERICAN INVESTMENT TRUST PLC


                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION


JPMorgan Fleming American Investment Trust plc announces that on Thursday 15th
April 2004 in the market it purchased for cancellation the following:

28,500 ordinary shares at 530.5263 pence 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
5,107,203.

The remaining shares in issue, following the above repurchases, is 51,972,935.



16th April 2004


For further information, please contact:

Hilary Lowe
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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