Transaction in Own Shares

JPMorgan Fleming American IT PLC
25 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 Wednesday 24th
November 2004 in the market it purchased for cancellation 25,000 ordinary shares
at 533.8 pence per share representing a total of 0.05% of the ordinary shares in
issue.

The number of shares repurchased under the current authority now totals
4,085,580.

The remaining shares in issue, following the above repurchases, is 47,629,855.



25th 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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