Currency Hedge

Fleming American Inv Trust PLC
3 October 2001


                         STOCK EXCHANGE ANNOUNCEMENT


                  THE FLEMING AMERICAN INVESTMENT TRUST PLC


                                CURRENCY HEDGE


3rd October 2001


The Board of The Fleming American Investment Trust plc announce that a forward
purchase of £ against US$ was today initiated to hedge the principal amount of
the £50 million debenture, which was issued by the Company in 2000, out to 5th
October 2011.


F.W. Easton
For and on behalf of
JPMorgan Fleming Asset Management (UK) Limited - Secretary


For further information :


Fraser Easton
JPMorgan Fleming Asset Management (UK) Limited ............020 7742 6000