Transaction in Own Shares

JPMorgan Fleming American IT PLC
17 January 2005



                          STOCK EXCHANGE ANNOUNCEMENT


                 JPMORGAN FLEMING AMERICAN INVESTMENT TRUST PLC


                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION


JPMorgan Fleming American Investment Trust plc announces that on Friday 14th
January 2005 in the market it purchased for cancellation 50,000 ordinary shares
at 549 pence per share representing a total of 0.11% of the ordinary shares in
issue.

The number of shares repurchased under the current authority now totals
5,172,383.

The remaining shares in issue, following the above repurchases, is 46,543,052.


17th January 2005


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


                      This information is provided by RNS
            The company news service from the London Stock Exchange