Transaction in Own Shares

JPMorgan Fleming American IT PLC
06 August 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 5th
August 2004 in the market it purchased for cancellation 100,000 ordinary shares
at 512 pence per share representing a total of 0.20% of the ordinary shares in
issue.

The number of shares repurchased under the current authority now totals
2,115,180.

The remaining shares in issue, following the above repurchases, is 49,600,255.

6th August 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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