Transaction in Own Shares

JPMorgan Fleming American IT PLC
17 June 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 Wednesday 16th
June 2004 in the market it purchased for cancellation 75,000 ordinary shares at
522.93 pence per share representing a total of 0.15% of the ordinary shares in
issue.

The number of shares repurchased under the current authority now totals 794,180.

The remaining shares in issue, following the above repurchases, is 50,921,255.


17th June 2004


For further information, please contact:

Richard Lewis
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


                      This information is provided by RNS
            The company news service from the London Stock Exchange END
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