Transaction in Own Shares

JPMorgan Fleming American IT PLC
10 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 7th
January 2005 in the market it purchased for cancellation 110,000 ordinary shares
at 546.91 pence per share representing a total of 0.24% of the ordinary shares
in issue.

The number of shares repurchased under the current authority now totals
5,057,383.

The remaining shares in issue, following the above repurchases, is 46,658,052.



10th 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




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