Transaction in Own Shares

JPMorgan Fleming American IT PLC
29 October 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 28th
October 2004 in the market it purchased for cancellation 90,000 ordinary shares
at 516.78 pence per share representing a total of 0.19% of the ordinary shares
in issue.


The number of shares repurchased under the current authority now totals
3,344,480.


The remaining shares in issue, following the above repurchases, is 48,370,955.


29th October 2004


For further information, please contact:

Philip Jones

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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