Final Results

Fleming American Inv Trust PLC
14 February 2002

                   THE FLEMING AMERICAN INVESTMENT TRUST PLC

                          STOCK EXCHANGE ANNOUNCEMENT

            Unaudited Results for the year ended 31st December, 2001

14th February 2002,

The Fleming American Investment Trust plc today announced its unaudited results
for the year ended 31st December 2001.

Investment Performance

In 2001, for the first time in seven years the net asset value per share of the
Company declined.  The fall of 10.6% in  the net asset value on a capital only
basis was slightly ahead of the benchmark S&P 500 Composite Index (in sterling
terms) which fell 10.7% over the same period.  It was difficult year for stock
markets around the world, which were suffering from slowing economic growth in
the U.S. even before the tragic events of 11th September. The performance
attribution data shows that both the large and smaller companies portfolios
performed marginally better than their respective benchmarks, but that this
positive effect was offset by the modest gearing of the Company in a falling
market.



The Company's share price declined 7.8% on a capital only basis over the year, a
relatively minor fall given the prevailing economic and stock market
environment.

Once again the investment strategy of maintaining a diversified portfolio of
high quality companies across a variety of industries served the Company well in
2001, a year in which too much exposure to telecommunications or electricity
generation could have been damaging.  While the smaller companies' portfolio
suffered severe deterioration in the third quarter of the year, it recovered in
the final quarter, overall having a positive effect on the Company's
performance.  It is always difficult, if not impossible, to predict the timing
of such swings, so it is our policy to maintain a consistent allocation to this
area of the market and also to remain modestly geared.

Hedging of Debenture

In October of 2001 the Board took advantage of attractive pricing and purchased
Sterling against US$ to hedge the principle amount of the £50million debenture,
which was issued by the Company in 2000, out to 5th October 2011.


Investment Philosophy

The Company's philosophy is to invest in a diversified portfolio of high quality
US companies whose intrinsic value per share is expected to grow over time.
While portfolio turnover is designed to be low, the inherent volatility of
individual stocks allows the investment manager to take advantage of valuation
disparities in both purchase and sale decisions.  The Company invests in US
companies of all sizes, believing that smaller companies periodically offer
higher growth at lower valuations than blue chip stocks.  The expectation that
equities will outperform the Company's cost of borrowing over time is the main
factor behind a modest level of long-term gearing.

Revenue Account and Dividends

This year the Company recorded earnings per share of 5.30p (2000:5.48p).  As the
policy is to distribute substantially all the available income the Board is
proposing that a dividend of 5.20 pence per share (2000: 5.70p) be paid on 3rd
May 2002 to shareholders on the register on 5th April 2002.

Discount, share issues and Repurchases

The Company's shares have traded for most of the year at a premium to net asset
value and the Board took the opportunity in this circumstance to issue 916,349
ordinary shares at an average premium of 2.7%, thereby enhancing the net asset
value per share.

There were no share repurchases during the year, nonetheless the Board considers
that having the authority to repurchase shares if they trade at a discount is a
useful mechanism for managing the discount and a resolution is therefore being
proposed at the annual general meeting to renew the authority.

Change of Company Name

Following the take-over of Flemings by Chase Manhattan and the subsequent merger
with JPMorgan, shareholders will have noticed the change in the name of the
Manager of the Company's assets. The Directors propose that the Company change
its name to 'JPMorgan Fleming American Investment Trust plc' to benefit from the
management Company's new brand.

Outlook

After exhibiting sustained growth for so many years the US economy finally
succumbed to recession in 2001.  Given that the monetary response from the
Federal Reserve was swift and decisive, it is hoped that the economy will
gradually regain strength over the course of the New Year. The stability of both
bond and stock markets will rely on inflation remaining subdued, which seems
highly probable given lower energy prices, a strong dollar and a relaxation of
tight labour markets.  With the ten-year Treasury bond yield at about 5% the
seemingly high valuation of the stock market is entirely logical.  However, the
profitability of the major companies of the S&P 500 Composite Index leaves
little room for error.  As long as the likes of GE, Pfitzer, Microsoft and
Wal-Mart can at least maintain earnings in a tough economy, then their stocks
should prove rewarding investments over the long term.  The danger remains that
Enron is not an isolated incident, but we have become increasingly more vigilant
of companies with similar traits.

The Company is maintaining its strategy of investing in a diversified portfolio
of high quality companies across the full spectrum of market capitalisations.
There has been compression in the range of price to earnings ratios, which has
allowed the investment managers to upgrade the 'quality' of the companies held
without paying unduly high valuations.  The smaller companies' exposure at about
15% of assets is expected to enhance the growth rate of the overall portfolio.

After two consecutive years of double digit percentage declines for the S&P 500
Index in US$ terms the stock market is more attractively valued, particularly
relative to other major assets classes such as cash and bonds.  With excess
liquidity on the sidelines there is a strong probability that if there is a
recovery in corporate profits there will be a more buoyant stock market.

Fraser Easton
For and on behalf of Secretary
JPMorgan Fleming Asset Management (UK) Limited


The Fleming  American Investment Trust Plc
.................................................... 020 7742 6000




The Fleming American  Investment Trust plc
Unaudited figures for the year ended 31 December 2001

Statement of Total Return (Unaudited)


                                                  Year ended 31 December 2001         Year ended 31 December 2000
                                                     Revenue     Capital     Total   Revenue     Capital       Total
                                                       £'000       £'000     £'000     £'000       £'000       £'000

Realised  (loss)/gains on investments                      -    (13,119)  (13,119)         -      43,029      43,029
Net change in unrealised loss                              -    (36,112)  (36,112)         -    (18,570)    (18,570)
Currency gains on cash and short-term
deposits held during the period                            -         938       938         -         702         702
Unrealised currency loss on US dollar loan                 -       (707)     (707)         -     (1,959)     (1,959)
Unrealised (loss)/gain in forward foreign                  -     (1,631)   (1,631)         -       1,758       1,758
currency transactions
Other capital charges                                      -         (7)       (7)         -           -           -
Income from Investment                                 5,839           -     5,839     5,554           -       5,554
Other Income                                           1,376           -     1,376     1,688           -       1,688
                                                     _______    ________   _______    ______     _______    ________

Gross return                                           7,215    (50,638)  (43,423)     7,242      24,960      32,202

Management fee                                         (549)     (2,192)   (2,741)     (596)     (2,384)     (2,980)

Other administrative expenses                          (408)           -     (408)     (452)           -       (452)

Interest payable                                     (1,072)     (4,289)   (5,361)     (772)     (3,089)     (3,861)

                                                     _______     _______   _______    ______     _______     _______

Return before taxation                                 5,186    (57,119)  (51,933)     5,422      19,487      24,909

Taxation                                             (1,987)       1,141     (846)   (2,032)    1,260          (772)

                                                     _______     _______   _______    ______     _______     _______

Total return attributable to ordinary                  3,199    (55,978)  (52,779)     3,390      20,747      24,137
shareholders

Dividends on ordinary shares                         (3,171)           -   (3,171)   (3,308)           -     (3,308)

                                                      ______     _______   _______    ______     _______      ______

Transfer to/(from) reserves                               28    (55,978)  (55,950)        82      20,747      20,829

Return per ordinary share                              5.30p    (92.80)p  (87.50)p     5.48p      33.52p      39.00p

Dividend per ordinary share                            5.20p                           5.70p



The Fleming American Investment Trust plc
Unaudited figures for the year ended 31 December 2001


BALANCE SHEET                                                                 31 December      31 December
                                                                                     2001             2000
                                                                                    £'000            £'000

Investments at valuation                                                          528,132          565,259

Net current assets                                                                 28,652           39,471

Long term loan                                                                   (77,006)         (76,256)

                                                                                  _______          _______
Total net assets                                                                  479,778          528,474
                                                                                    =====            =====
Net asset value per ordinary share                                                 786.9p           880.0p

CASH FLOW STATEMENT
                                                                                     2001             2000
                                                                                    £'000            £'000

Net cash inflow from operating activities                                           3,098            2,810

Net cash outflow from returns on investments and servicing of
finance                                                                           (4,974)          (3,644)

Total tax recovered                                                                   177              517

Net cash (outflow)/inflow from capital expenditure and financial
investment                                                                       (10,289)           53,785
                                                                                 
Total equity dividends paid on ordinary shares                                    (3,423)          (1,481)

Net cash inflow/(outflow) from financing                                            7,254         (19,429)
                                                                                  _______           ______
(Decrease)/increase in cash for the period                                        (8,157)           32,558
                                                                                    =====             ====


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
2000. 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
14th February 2002




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