Transaction in Own Shares

JPMorgan Fleming American IT PLC
21 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 Tuesday 20th
April 2004 in the market it purchased for cancellation the following:

60,000 ordinary shares at 537.311 pence per share representing a total of 0.1%
of the ordinary shares in issue.

The number of shares repurchased under the current authority now totals
5,289,703.

The remaining shares in issue, following the above repurchases, is 51,790,435.

21st 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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