Transaction in Own Shares

JPMorgan Fleming American IT PLC
25 May 2005


                          STOCK EXCHANGE ANNOUNCEMENT


                 JPMORGAN FLEMING AMERICAN INVESTMENT TRUST PLC


                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION


JPMorgan Fleming American Investment Trust plc announces that yesterday, Tuesday
24th May 2005 in the market it purchased for cancellation 210,000 ordinary
shares at 554 pence per share representing a total of 0.47% of the ordinary
shares in issue.


The current repurchase authority for 6,734,624 shares was approved by
shareholders on 27th April 2005.  To date, 420,000 shares have been repurchased
under this authority.


The remaining shares in issue, following the above repurchases, is 44,507,449


25th May 2005


For further information, please contact:


Andrew Norman

For and on behalf of

JPMorgan Asset Management (UK) Limited - Secretary

020 7742 6000



Gavin Tooke

Dresdner Kleinwort Wasserstein - Stockbrokers to the Company

0207 623 8000


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