Transaction in Own Shares

JPMorgan Fleming American IT PLC
23 November 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 Monday 22nd
November 2004 in the market it purchased for cancellation 35,000 ordinary shares
at 535 pence per share representing a total of 0.07% of the ordinary shares in
issue.

The number of shares repurchased under the current authority now totals
4,030,580.

The remaining shares in issue, following the above repurchases, is 47,684,855.


23rd November 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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