Transaction in Own Shares

JPMorgan Fleming American IT PLC
16 July 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 15
July 2004 in the market it purchased for cancellation 20,000 ordinary shares at
504.5 pence per share representing a total of 0.04% of the ordinary shares in
issue.

The number of shares repurchased under the current authority now totals
1,274,180.

The remaining shares in issue, following the above repurchases, is 50,441,255.



16th July 2004



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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