Transaction in Own Shares

JPMorgan Fleming American IT PLC
22 September 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 21st
September 2004 in the market it purchased for cancellation 70,000 ordinary
shares at 534.8571 pence per share representing a total of 0.14% of the ordinary
shares in issue.

The number of shares repurchased under the current authority now totals
2,821,980.

The remaining shares in issue, following the above repurchases, is 48,893,455.




22nd September 2004







For further information, please contact:



Andrew Norman

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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