Transaction in Own Shares

JPMorgan Fleming American IT PLC
23 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 Wednesday 22nd
December 2004 in the market it purchased for cancellation 55,170 ordinary shares
at 534.47 pence per share representing a total of 0.12% of the ordinary shares
in issue.

The number of shares repurchased under the current authority now totals
4,522,383.

The remaining shares in issue, following the above repurchases, is 47,193,052.



23rd 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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