Final Results

JPMorgan Fleming American IT PLC
04 March 2004



                          STOCK EXCHANGE ANNOUNCEMENT

                JPMORGAN FLEMING AMERICAN INVESTMENT TRUST PLC

         UNAUDITED FINAL RESULTS FOR THE YEAR ENDED 31st DECEMBER 2003


The Directors of JPMorgan Fleming American Investment Trust plc announce the
Company's results for the year ended 31st December 2003.

I, Hamish Buchan, became Chairman of JPMorgan Fleming American Investment Trust
plc in April 2003 and would like to thank my predecessor, Nicholas Cosh, for his
20 years of valuable service to the Company. Last year was a busy one for the
Company with some recovery in asset values and the appointment of two new
members to the Board.

Investment Performance(1)

After nearly three years of declining asset values, 2003 reversed the bear
market trend with stock markets in all the major economies showing positive
returns. The S&P 500 Composite Index produced a return of 15.3% in sterling
terms and both the Company's net asset value and share price rose by more than
that figure. The early months of 2003 saw falls in the US equity markets as
investors grew wary about the prospects of war in Iraq. From mid March onwards
the speedy resolution of the major conflict in the Middle East coupled with
extremely strong GDP growth in the US led the market to surge ahead for the
remainder of the year.

Over the year, the Index rose by 28.2% in US$ and the Company's net asset value
increased by 31.0%.

For UK investors the weakness of the US$ meant that returns were reduced by
10.1%. The dollar began 2003 at a rate of 1.61 to Sterling and ended at 1.79. A
currency hedge has been in place since 30th November 2000 to protect against any
currency fluctuations in respect of the Company's existing £50 million
debenture.

The Company's net asset value rose by 17.8% in total return terms and the
outperformance was attributable to strong returns from the smaller companies
portfolio together with the effect of gearing, share buybacks and the currency
hedge on our £50 million debenture. The larger companies portfolio
underperformed the benchmark index due to the investment manager remaining
committed to his policy of investing in larger, blue chip growth companies at a
reasonable price. The Board is supportive of this policy and believes that, as
the economic recovery extends and deepens, these types of companies should
regain their attractions to investors and produce sustained good returns.

Gearing

The Company's gearing is managed on an active basis with the Board of Directors
setting the overall strategic policy and guidelines. At present there is an
upper limit of 20% of shareholders' funds and this can only be altered with
Board consent.

During the year a US$40 million fixed loan matured and was repaid. The Board
with its Managers reviewed the Company's gearing facilities and in August 2003 a
new US$20 million flexible loan was arranged. Together with the existing £50
million debenture this provides the Company with potential gearing facilities of
up to 19% of shareholders' funds at the year end. Due to the levels of cash held
at the year end, the new facility was undrawn and the Company's net gearing
level was 10.8% of shareholders' funds.

The active use of gearing, together with the appreciation of the currency hedge,
contributed 3.7% towards the Company's overall return.

Investment Manager

The Company's objective is to provide Shareholders with capital growth from
North American investments. During the year the Board has thoroughly reviewed
the capabilities of the Investment Manager to assess whether JPMorgan Fleming
Asset Management is the most appropriate manager of the Company's portfolio. In
addition to the normally scheduled Board meetings, the Directors have engaged in
extensive strategy and investment meetings with the named investment managers
and their colleagues and we have been satisfied with the results achieved.
Additional disciplines have been introduced to assist in decision making when
the Board is considering gearing levels, risk management, tracking error and
asset allocation. In addition, a new peer group has been established for
comparative purposes. This new group includes large US listed closed-end funds,
comparable unit trusts and OEIC's. This is necessary as the Company has no
directly comparable UK listed investment trusts in this sector. We now have
concluded that the ongoing appointment of the existing Investment Manager is in
the best interests of shareholders. These reviews will continue on an annual
basis at which a determination as to the continuing appointment of the
Investment Manager will be made.

Revenue Account and Dividends

Earnings per share for the year were 6.41p compared with 4.75p per share in
2002. This was mainly due to there being no tax allocation to the capital
account because of the requirements of the new statement of recommended practice
('SORP'). The Company's policy is to distribute substantially all the available
income and therefore the Board is proposing that a dividend of 6.80 pence per
share (2002: 4.80p) be paid on 4th May 2004 to shareholders on the register on
2nd April 2004.

The earnings per share figure for the year is calculated on the average weekly
shares in issue. Due to the timing of share repurchases during the year the
earnings per share figure appears lower than our proposed final dividend. I can
however confirm that the final dividend will be paid entirely out of earnings
for the year.

Share Repurchases and Treasury Shares

The Company's shares continued to trade at a discount to net asset value during
the year.  The trading range was between 6.0% and 12.6%. Shareholders have
granted the authority to allow the Company to repurchase up to 14.99% of the
Ordinary Shares in issue and during the year 5,347,361 Ordinary Shares (9.1%)
were repurchased at an average discount of 9.6%. The total cost of these
repurchases was £26.9 million and this activity enhanced the net asset value by
£2.8m which is equivalent to an additional 1.0% in performance terms.

The Company has noted that legislation has now been passed that would allow the
Company to seek Shareholder approval to hold Ordinary Shares in treasury with a
view to either subsequent re-issue or cancellation. The Board has debated
whether this matter should be included at this year's Annual General Meeting and
has concluded that it is not yet appropriate to seek Shareholder approval to
hold shares in treasury. This matter is being kept under review and we may
revert to Shareholders at an appropriate time.

The Board

Nicholas Cosh retired as Chairman and Director in April 2003 and the Board
appointed an independent recruitment consultancy firm to assist in finding
additional suitably qualified Directors. I am pleased to report that James Fox
and James Williams were appointed to the Board in July 2003 and that they have
already been valuable contributors to Board discussions. Both have considerable
experience in the fund management industry and have worked directly in the US
equity investment sector.

The Board is cognisant of the revisions that have been made to the Combined Code
and the AITC CodeTM on Corporate Governance. After an extensive review, the
Board intends to adopt procedures that will ensure that the principles of the
revised Codes are put into place.

In respect of the Board of Directors, it has been agreed that those Directors
who have served for a period greater than nine years from initial appointment
will submit themselves for annual re-election. At this year's Annual General
Meeting, therefore, Iain Saunders will submit himself for re-election, and
annually thereafter. Iain Saunders has an extensive knowledge of the US market
and has many years of experience in the affairs of investment companies.

The other Director retiring by rotation is Roger Palmer. Roger Palmer has
experience of the US market and has previously been a US portfolio manager. He
also has many years experience of working in investment trusts. I believe, the
re-appointments of Iain Saunders and Roger Palmer will be of significant benefit
to the Company.

An amendment to the Articles of Association has been included in the special
business of the Annual General Meeting. This is a technical amendment to ensure
that Directors submit themselves for re-election at least once every three
years, and annually if they have served on the Board for a period exceeding nine
years.

The Board, have recently reviewed the level of Directors' fees paid and have
agreed that fees should increase with effect from 1st May 2004. Remuneration
levels for Directors have been unchanged since 1999 and the regulatory demands
on Directors have increased substantially over that period. The Chairman's fee
will rise to £30,000 per annum and the fees of the other Directors will increase
to £20,000 per annum. In addition the Chairman of the Audit Committee will
receive an additional fee of £3,000 per annum to reflect the additional work
undertaken. It is the Board's current intention not to review the fee levels
again until 2007.

Shareholders will be requested to approve an increase in the aggregate level of
Directors' fees payable at the Annual General Meeting. The Board believes that
it is important to set fee levels at an appropriate rate to retain and attract
high calibre individuals to supervise the affairs of the Company.

Outlook

Last year turned out to be the classic recovery year with a rapid acceleration
of profits growth, translating into very positive share price gains. Looking
forward, we should continue to see positive developments in the US with the
domestic economy firmly in recovery mode, interest rates remaining at
historically low levels, benefits from the tax cuts increasing consumer's take
home income and the decline of the US dollar, relative to the Euro and Yen,
helping to boost profits growth. While we do not expect the gains to be as large
as those in 2003 due to higher market valuations, decelerating profits growth
and prospects for higher interest rates, the outlook for 2004 remains positive.
We are anticipating better performance from the larger company part of our
portfolio as we expect the overall rate of profits growth to slow, which should
benefit larger, more stable companies. We will continue to utilise our valuation
models to help us determine the most appropriate asset mix of large companies
versus small companies, the extent to which we use our gearing and to monitor
the tracking error.

Hamish Buchan

Chairman            4th March 2004



(1) All figures calculated on a total return basis.


J.P. Morgan Fleming Asset Management (UK) Limited - Secretary

For further information please contact:
Hilary Lowe.....................020 7742 6000


JPMorgan Fleming American  Investment Trust plc
Unaudited figures for the year ended 31 December 2003

Statement of Total Return (Unaudited)


                                                      Year ended 31 December 2003      Year ended 31 December 2002
                                                    Revenue     Capital      Total   Revenue     Capital       Total
                                                      £'000       £'000      £'000     £'000       £'000       £'000


Realised gain/(losses) on investments                     -      16,050     16,050         -    (24,716)    (24,716)
Net change in unrealised losses                           -      28,038     28,038         -   (145,146)   (145,146)
Currency losses on cash and short-term                    -     (2,326)    (2,326)         -     (2,382)     (2,382)    
deposits held during the period                                 
Change in unrealised currency loss on US dollar                       
loan                                                      -           -          -         -       2,638       2,638    
Realised gain on US dollar loan                           -         606        606         -           -           -
Unrealised gain on outstanding currency                   -           1          1         -           -           -
transactions
Change in unrealised gain in forward foreign
currency transactions
                                                          -       7,314      7,314         -         292         292
Other capital credits/(charges)                           -           1          1         -         (4)         (4)
Income from investments                               6,002           -      6,002     6,042           -       6,042
Other income                                            166           -        166       439           -         439
                                                    _______    ________    _______   _______    ________     _______

Gross return/(loss)                                   6,168      49,684     55,852     6,481   (169,318)   (162,837)
Management fee                                        (356)     (1,428)    (1,784)     (449)     (1,795)     (2,244)
Other administrative expenses                         (448)           -      (448)     (448)           -       (448)
Interest payable                                      (859)     (3,436)    (4,295)   (1,040)     (4,159)     (5,199)
                                                    _______     _______    _______   _______     _______     _______

Return/(loss) before taxation                         4,505      44,820     49,325     4,544   (175,272)   (170,728)
Taxation                                              (876)           -      (876)   (1,672)         834       (838)
                                                    _______     _______    _______   _______     _______     _______

Total return/(loss) attributable to ordinary
shareholders                                          3,629      44,820     48,449     2,872   (174,438)   (171,566)


Dividend on ordinary shares                         (3,560)           -    (3,560)   (2,830)           -     (2,830)
                                                     ______     _______    _______    ______   _________   _________

Transfer to/(from) reserves                              69      44,820     44,889        42   (174,438)   (174,396)
                                                     ======     =======    =======    ======   =========   =========

Return/(loss) per ordinary share                      6.41p      79.13p     85.54p     4.75p   (288.29)p   (283.54)p
Dividend per ordinary share                           6.80p                            4.80p


JPMorgan Fleming American Investment Trust plc
Unaudited figures for the year ended 31 December 2003


BALANCE SHEET                                                                 31 December      31 December
                                                                                     2003             2002
                                                                                    £'000            £'000

Investments at valuation                                                          347,027          363,620

Net current assets/(liabilities)                                                   15,629         (18,976)

Creditors: Amounts falling due after more than one year                          (49,579)         (49,551)

                                                                                  _______          _______
Total net assets                                                                  313,077          295,093
                                                                                  =======          =======
Net asset value per ordinary share                                                 586.3p           502.3p



CASH FLOW STATEMENT
                                                                                     2003             2002
                                                                                    £'000            £'000

Net cash inflow from operating activities                                           3,135            3,113

Net cash outflow from returns on investments and servicing of
finance                                                                           (4,257)          (5,523)
Net cash inflow/(outflow) from capital expenditure and financial
investment                                                                         59,083          (3,907)

Total equity dividends paid on ordinary shares                                    (2,749)          (3,181)

Net cash outflow from financing                                                  (49,931)         (10,289)
                                                                                  _______          _______
Increase/(decrease) in cash for the period                                          5,281         (19,787)
                                                                                  =======          =======

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the year ended 31st December
2002. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.

J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
4th March 2004



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