Transaction in Own Shares

JPMorgan Fleming American IT PLC
22 December 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
December 2004 in the market it purchased for cancellation 89,000 ordinary shares
at 527 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
4,467,213.



The remaining shares in issue, following the above repurchases, is 47,248,222.





22nd December 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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